Sumsub announces the integration of its Travel Rule solution with the Sygna Travel Rule protocol to allow its crypto and fintech clients to communicate with the Virtual Asset Service Providers (VASPs) in the Sygna ecosystem, particularly with those in Japan and Taiwan.
The added protocol will “expand the Sumsub Travel Rule solution’s interoperability, bringing the total number of integrated protocols to five and allowing customers to reach the highest number of VASPs worldwide.”
This partnership will also enable Sygna to “include more VASPs into its VASPs network.”
Michael Ou, founder and CEO of Sygna, said the collaboration enhances our commitment to ensuring transparency and compliance within the global crypto ecosystem.
Both companies will collaborate to facilitate fast and “secure data exchange among VASPs in accordance with the Travel Rule compliance requirements specified by the Financial Action Task Force’s (FATF) Recommendation 16.”
Regulators in different jurisdictions enact the Travel Rule legislation “at their own pace, with Japan beginning to enforce the legislation from June 2023, and Taiwan recently tightening the AML laws concerning crypto.”
Sumsub Travel Rule solution offers full functionality “to its customers which includes VASP discovery, secure data exchange, integrated AML checks, advanced rules engines to account for any regulatory differences, and unhosted wallet verification among other features.”
To build the widest connectivity on the market, Sumsub is partnering “with Travel Rule protocols and blockchain analytics providers to accelerate compliance with AML regulations across countries.”
Earlier this year, in addition to its own broad network “of connected VASPs, the company announced integrations with CODE and Binance through the Global Travel Rule (GTR) Alliance.”
Sygna is an Asian (Japan, Taiwan) blockchain security company “that provides cloud-based software for the compliance and enforcement of the global anti-money laundering regime as well as patented hardware for storing digital assets such as cryptocurrency.”
Sumsub is a full-cycle verification platform “that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.”
