Beneficiary information refers to the identifying details of the intended recipient of a financial transaction or digital asset transfer. This data typically includes the recipient’s name, account identifiers, and sometimes physical address or digital wallet address. Such details are essential for correctly routing funds and verifying the legitimacy of a transaction. Proper collection helps ensure assets reach the correct party and aids in compliance.
Context
Within the digital asset space, collecting beneficiary information is a key aspect of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. Financial institutions and virtual asset service providers (VASPs) are increasingly mandated to collect and transmit this data for transactions exceeding certain thresholds. This regulatory pressure aims to increase transparency and traceability in an otherwise pseudonymous environment.
EU CASPs must immediately integrate EBA guidelines into AML/CFT compliance architecture to ensure transaction tracing and meet the December 30, 2024, enforcement deadline.
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