Macro Report: FATF Travel Rule

Welcome to our Macro Report for FATF Travel Rule.

Aug 10, 2021
Macro Report: FATF Travel Rule

Welcome to our Macro Report for FATF Travel Rule.

Key Takeaways

  • We have introduced the following:
    • Financial Action Task Force (FATF)
    • Society for Worldwide Interbank Financial Telecommunication (SWIFT)
    • AML / CFT Regulation
  • We have gone through the origin of the Travel Rule:
    • Representative from the United States has been elected as the FATF President from 2018-2019, where he pushed forward US’s crypto regulation around the globe
    • Hence the Crypto Travel Rule shares many similarities with the Bank Secrecy Act (BSA) from the US
  • Besides the Travel Rule, the FATF Recommendation also imposes other requirements for VASPs, including but not limited to:
    • Customer Due Diligence (CDD)
    • Licensing and Registration
  • We have discussed several details of the Travel Rule:
    • Definition of Virtual Asset Service Providers (VASPs)
    • The need of a common messaging standard
    • The VASP Discovery Problem
    • Ideal principles for designing the Travel Rule’s solution
    • Various solutions in the market

Read the full PDF version of the FATF Travel Rule Report here.

Tags

crypto research

FATF Travel Rule

Financial Action Task Force

Regulation

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