Clear. 64.6   F New York
AI-Powered News Summarizer
Cryptocurrency

Crypto.com to use CipherTrace tool to comply with FATF's travel rule

May 3, 2021. Summarized by summa-bot.

Compression ratio: 44.1%. 1 min read.

CipherTrace's Traveler compliance tool will be used by Crypto.com to implement KYC measures and FATF travel rule requirements across jurisdictions worldwide.

CipherTrace's tool, called Traveler, takes its name from being designed to meet the complex requirements of the Financial Action Task Force's so-called “travel rule,” which came into force for Virtual Asset Service Providers, or VASPs, in 2020.

The FATF's travel rule requires regulators and VASPs — including crypto exchanges, custody providers and OTC trading desks — to gather and share customer data during transactions.

What makes the travel rule particularly challenging for various VASPs is the different local transpositions of the FATF's guidelines in various jurisdictions across the world.

Prior to adopting Traveler, Crypto. com had already been admitted into the International Digital Asset Exchange Association and Global Digital Finance, two associations that aim to establish consistent standards and regulatory practices for the global digital asset economy.

Traveler, which continues CipherTrace's longer-term work on an open-source Travel Rule Information Architecture, or Trisa, is designed to specifically address the counterparty VASP due diligence that is demanded by the FATF guidelines.

We are proud to be the first platform to implement Traveler and look forward to working with CipherTrace and our industry more broadly to standardize how compliance is handled. ”

The Travel Rule compliance operations will be costly even with open-source software like Trisa. ”

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.

Suggestions