Express
FATF's Deadline For Travel Rule Set For June 24, 2020
Summary: Last year, the Financial Action Task Force (FATF) updated the Travel Rule (Recommendation 16) and asked global jurisdictions to adopt its anti-money laundering, or AML, guidelines for crypto.Virtual Asset Service Providers (VASPs), including conventional institutions or non-bank entities experimenting with virtual assets, must meet the same information exchange requirements as conventional institutions when transferring virtual ...
Last year, the Financial Action Task Force (FATF) updated the Travel Rule (Recommendation 16) and asked global jurisdictions to adopt its anti-money laundering, or AML, guidelines for crypto.
Virtual Asset Service Providers (VASPs), including conventional institutions or non-bank entities experimenting with virtual assets, must meet the same information exchange requirements as conventional institutions when transferring virtual assets between parties to a transaction.
June marks a significant threshold for the Travel Rule since FATF member jurisdictions must demonstrate progress on implementing Travel Rule solutions by June 2020, when their efforts will be reviewed at FATF’s plenary meeting, to be conducted virtually on June 24.
Tracy Chen
