Regtech Sumsub Introduces Initiative to Educate VASPs on Travel Rule Guidelines, Providing Roadmap to Crypto Compliance

Industry professionals have recently shared their latest guidance on the Travel Rule in a comprehensive online learning session aimed at crypto ad blockchain ecosystem participants. This, according to an update from Regtech Sumsub.

Regtech firm Sumsub announces the start of a comprehensive Travel Rule educational sessions designed to provide VASPs (Virtual Asset Service Providers) and compliance specialists in the crypto industry with the latest changes in crypto and financial markets regulations, technical standards, and business processes related to the Travel Rule.

VASPs are under regulatory pressure to adhere to the Travel Rule, or FATF’s Recommendation 16, in order to ensure their businesses operate in a lawful manner.

The Travel Rule, which requires the exchange of sender and recipient details  in virtual asset (cryptocurrency) transactions, has become a widely-accepted crypto industry standard.

Although it has been implemented in highly-developed nations such as the US, the UK, Canada, South Korea, Japan, Singapore, Hong Kong, the UAE, Germany, and Switzerland, and will be enacted in the EU, there are considerable knowledge gaps and implementation issues in other regions.

The educational session commenced on October 3, and within a month it will aim to offer “structured guidance” and “practical insights” from a diverse group of crypto industry participants and compliance specialists, professionals, offering a unique approach to navigate the regulatory ecosystem.

The educational opportunity is meant to educate VASPs, compliance managers, risk officers and crypto specialists on the Travel Rule and help them implement effective compliance measures, mitigate risks, and adapt to regulatory changes – “covering any jurisdiction they may operate in.”

The educational course offers an understanding of the Travel Rule and its compliance needs, highlighting Sumsub “fully interoperable” Travel Rule solution’s capabilities in addressing these needs.

Participants will obtain digital certificates upon completing the course, which is perfect for those who’d like to:

  • Gain real-world experience and advanced knowledge from industry experts;
  • Increase their individual potential for career growth in risk management and regulatory roles;
  • Identify measures needed to protect the reputation of their company and attract partners and clients valuing ethical business practices;
  • Obtain a thorough understanding of Travel Rule requirements across multiple jurisdictions to ensure global compliance;
  • Recognize and mitigate risks associated with non-compliance;
  • Gain insights into the Travel Rule implementation strategy, including selecting the protocol or solution that best fits their needs;
  • Adapt to regulatory changes through online training and education.

Professionals looking to extend their knowledge can register for the Travel Rule educational session.



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