Since September 1, VASPs registered in the UK obliged comply with the so-called “Travel Rule” from the FATF. It involves monitoring crypto transactions for AML purposes.
The Travel Rule requires an institution to transfer customer information to an exchange or recipient institution when processing digital asset transactions. The data must include the name and address of the sender and recipient, as well as account information.
If a payment is sent from a jurisdiction that has not implemented the Travel Rule, VASP must conduct a “risk assessment” regarding the appropriateness of confirming it, the order says.
For transfers from the UK to countries that have not approved the “travel rule”, the FCA requires companies to collect and verify all necessary data.
Recall that the FATF expressed dissatisfaction with the pace of implementation of the Travel Rule.
From June 1, the rule began to operate in Japan.
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2023-09-01 11:54:55
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