Tagged: Travel Rule

US Federal Reserve, FinCEN Look for Comments on Travel Rule Proposal

The Financial Crimes Enforcement Network (FinCEN) and the US Federal Reserve Board has invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. The travel rule is affiliated with the Financial Action Task Force’s (FATF)… Read More

“Virtual assets and so-called stablecoins” G20 Supports FATF Regulatory Efforts Targeting Money Laundering and Illicit Financing

Last week, the G20 Finance Ministers and Central Bank Governors welcomed the efforts of the FATF to identify the money laundering and terrorist financing risks that have arisen during the COVID-19 pandemic.  The G20 said that the COVID health crisis is being exploited by criminals… Read More

tZERO Chief Legal Officer on Crypto Enforcement Actions: “Cowboy innovation is worse than no innovation at all”

Last week, the US Department of Justice published a white paper, crafted by the Cyber-Digital Task Force, that outlines its approach to enforcement when it comes to digital assets (or cryptoassets). US Attorney General William Barr issued the following statement on the framework: “Cryptocurrency is… Read More

Gibraltar Updates DLT Regulation to “Capture a Natural Evolution” of Digital Assets

The Gibraltar Financial Services Commission (GFSC) reports that it is updating its regulatory approach pertaining to Distributed Ledger Technology Providers (DLT). Gibraltar describes the update as a “natural evolution of the defined regulatory principles.” Gibraltar was quick to embrace digital assets – both securities and cryptocurrencies…. Read More

Elliptic and CoolBitX Partner on FATF Travel Rule Fix for VASPs – Sygna Bridge

CoolBitX and Elliptic have partnered to launch Sygna Bridge. a solution for virtual asset service providers (VASPs) to comply with the Financial Action Task Force (FATF) travel rule for crypto. CoolBitX is a blockchain security company. Elliptic is a crypto risk management firm. The collaboration… Read More

The EU has Fallen Behind on FATF’s Timelines, including Adopting Rules for Virtual Asset Service Providers, Elsa Madrolle from CoolBitX Claims

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, recently concluded its year long review of its Travel Rule standards for virtual asset service providers (VASPs). The FATF confirmed that it will be extending its… Read More

Former Fintech Lead at Milken Institute, Jackson Mueller Takes New Role at Digital Asset Firm Securrency

Jackson Mueller has long been a key voice and industry participant in the policy realm in regards to the Fintech ecosystem. Until recently, Mueller was the Associate Director, Fintech Program at the Milken Institute, Center for Financial Markets. Mueller’s reports have long been a solid… Read More

BitGo Announces API Support For Financial Action Task Force Travel Rule

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… Read More

FATF 12 Month Review on Digital Assets and Virtual Asset Service Providers

The Financial Action Task Force (FATF) has published a 12 month review on digital assets, or virtual assets, addressing global standards regarding anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). VASPs are mainly digital asset exchanges (cryptoasset… Read More

FATF Meeting Addresses Virtual Assets, Study Continues on Crypto with Focus on Stablecoins

The Financial Action Task Force (FATF) completed a meeting this week calling on members to “tackle new threats and vulnerabilities posed by criminals during the COVID-19 crisis.” The FATF is an international policy-making and standard-setting body, headquartered in Paris, dedicated to combating money laundering and… Read More

FinCEN Director Kenneth Blanco Discusses Travel Rule for Crypto, COVID-19 is a Lure for the Bad Guys

FinCEN Director Kenneth A. Blanco delivered a speech at virtual Consensus this past week addressing several hot topics of the day – including the “Travel Rule”; the FATF requirement that virtual asset service providers (or VASPs – think crypto exchanges) maintain information on purchasers and… Read More

Coalition of International Blockchain Groups Agrees to Standard to Comply with FATF Travel Rule for VASPs

The Financial Action Task Force (FATF), the global anti-money laundering and terrorist financing organization, posted requirements for virtual asset service providers or VASPs in 2019. The guidelines required intermediaries to maintain information on digital asset transactions from both buyers and sellers – called the Travel… Read More

CipherTrace Enlisted to Advise Japanese Regulators on FATF Crypto Travel Rules

CipherTrace, a cryptocurrency research and tracking platform that provides services to both the public and private sector, has distributed a note that it is meeting with Japanese financial regulators to review the relatively new FATF travel rules and its impact on “virtual asset service providers… Read More

$4.4 Billion in Cryptocurrency-related Thefts Scams Recorded in 2019 but Scams Decline During Q3: CipherTrace Report

CipherTrace, an established crypto and blockchain intelligence company, has published its Q3 2019 Cryptocurrency Anti-Money Laundering (AML) report. The report addresses “cryptocurrency regulation, nefarious actors within the ecosystem, impending legislation, international trends and prevailing sentiments,” according to a press release shared with CrowdFund Insider. The… Read More

FinCEN Director Kenneth Blanco Says US Government will Strictly Enforce Rule Requiring Cryptocurrency Firms to Share User Data

The US government will reportedly be enforcing a rule which requires companies dealing in cryptocurrencies, including digital asset wallet providers and exchanges, to share details about their clients. This, according to Kenneth Blanco, director of the Financial Crimes Enforcement Network (FinCEN). The “travel rule” for… Read More

OpenVASP Initiative: Consortium Expects to Coordinate Solution to Travel Rule with FATF

Earlier this year there was a good amount of debate and discussion regarding the Financial Action Task Force’s (FATF) move to apply traditional KYC/AML requirements to digital asset transactions.  As one would expect, FATF got what it wanted and now “virtual asset service providers” or… Read More

Crypto Leaders Propose Protocol to Comply with FATF Requirements on VASPs

In the midst of the Blockshow Asia Conference crypto industry representatives have announced a movement create an open protocol designed to comply with FATF  demands impacting VASPs or Virtual Asset Service Providers. According to a release, representatives of the Swiss-based Crypto Valley Association (CVA), International Digital… Read More

Group of Crypto Industry Participants Comment on FATF Travel Rule: Massive Impact, but Will Help with “Transition to Becoming Mainstream”

The Financial Action Task Force (FATF) rules regarding cryptocurrency platforms or virtual asset service providers (VASPs) have been out in the wild for some time now. Initially, there was much industry concern that required KYC/AML rules will undermine VASPs and harm the industry but, over… Read More

Dash Group’s Omar Hamwi Says Privacy Coin Dash Complies With FATF’s Guidelines, Including “Travel Rule”

A number of concerns have been raised by digital currency exchanges regarding whether certain cryptocurrencies comply with relevant Financial Task Force (FATF) guidelines, including the “travel rule.”  Dash (DASH), one of the largest privacy-oriented crypto assets, has been a popular target for some digital asset… Read More

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