BitGo, digital asset financial services provider, announces API support for the Financial Action Task Force (FATF) Travel Rule. BitGo claims it is the first wallet provider to come to market with a solution for the Travel Rule for its cold and hot wallet services by extending existing API endpoints for clients to append the additional data required under the new rule.
According to BitGo, the Travel Rule now applies to VASPs and helps law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by safeguarding a trail of persons sending and receiving funds through transfer systems. BitGo is currently working with regulators in different countries to inform, educate, and shape how FATF’s guidance should be interpreted, specifically for the unique challenges of digital assets. Benefits of the support include:
- Clients can begin integration today and not have to worry about it in the future
- BitGo does the heavy lift for ongoing Travel Rule compliance as regulation evolves over time
- InterVASP IVMS101 messaging standard used for submitting Travel Rule data to its API
- Lightweight integration by extending existing transaction API endpoints
BitGo further revealed it is extending the transaction API endpoints, which exchange clients are already familiar with, to accept additional travel data.
“BitGo takes on the heavy lifting of exchanging this travel data on the rails that it has been building to be a compliant VASP for the company’s custodial clients.”