Given the past two years, you might assume ‘travel rules’ are COVID rather than crypto related.\u00a0 But the latest updates to the existing Financial Action Task Force (FATF) regulations tell a different story. Here’s what you need to know.<\/p>\n
What is the travel rule?<\/strong><\/p>\n The so-called Travel Rule<\/a> is an update to the existing FATF Recommendation 16<\/a>, which concerns cross-border and domestic wire transfers.<\/p>\n The Travel Rule requires VASPS to obtain, hold, and transmit required originator and beneficiary information to identify and report suspicious transactions, monitor the availability of information, take freezing actions, and prohibit transactions with designated persons and entities.<\/p>\n Where does it apply?<\/strong><\/p>\n The rule applies in any and every:<\/p>\n What is required?<\/strong><\/p>\n This depends on who you are.\u00a0 For example:<\/p>\n Originating VASP (Obtain, Hold and Submit)<\/p>\n Beneficiaries VASP (Obtain, Hold)<\/p>\n Key challenges<\/strong><\/p>\n As ever, the devil is in the detail – and in the interpretation and application of that detail.\u00a0 The key challenges firms face include:<\/p>\n All of this means it it is highly unlikely that we see a ‘one-size fits all’ approach but rather multiple solutions, where inter-operability will be vital to ensure coverage of the VASP community.<\/p>\n","protected":false},"excerpt":{"rendered":" It’s time to get up to speed with FATF’s ‘travel rule’<\/p>\n","protected":false},"featured_media":21375,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false},"practices":[33],"industries":[],"capabilities":[109,112],"class_list":["post-22115","blog","type-blog","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\n\n
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