![]() The transfer amount tied to FATF’s Travel Rule has a threshold that’s equal to $3,000 or higher. The rule mandates that all companies that deal with finances have to pass on KYC/AML transmission data concerning their customers’ identities to the next financial institution. As cryptocurrency has grown more popular, FATF has been releasing guidelines on the Travel Rule, as the intergovernmental organization believes the rule needs to be applied to VASPs.Įssentially, the ‘ Travel Rule’ is a descriptive label for the regulatory guideline that aims to curb illicit transactions and money laundering. 18 VASPs Launch TRUST in Order to Comply With FATF’s Travel Ruleįor quite some time now, FATF’s Travel Rule has been a top concern within the crypto industry as virtual asset service providers (VASPs) have been told they need to comply with the regulatory policy. There are currently 18 crypto firms that have joined TRUST so far, and the collaborative effort is welcoming other companies to join the initiative. On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule.
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