Transfer of Funds Regulation (TFR)

The Transfer of Funds Regulation (TFR) was recently updated.

The Regulation now aims to implement the Financial Action Task Force’s (FATF’s) Recommendation 16 (Travel Rule) - which previously only applied to traditional wire transfers - to virtual asset transfers.

The TFR is part of the Anti-Money Laundering (AML) Package as well as the Markets in Crypto-Asset (MiCA) Regulation. 

The idea of the AML Package is to improve the current AML policy in Europe (EU).