UK virtual asset service providers must comply with FATF travel rules starting from September 1

2023-09-01 21:52:34

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ChainCatcher news, the UK's Financial Conduct Authority (FCA) requires UK virtual asset service providers (VASP) to comply with the FATF travel rule starting September 1, collecting, verifying, and sharing information related to domestic and cross-jurisdictional transactions.

The FCA also requires UK cryptocurrency companies to regularly review the implementation of the travel rule in other jurisdictions and adjust their business processes as appropriate. When sending cryptocurrency to jurisdictions without travel rules, if the necessary information cannot be obtained, crypto asset businesses must still collect and verify information in accordance with anti-money laundering regulations (MLR) and should store that information before conducting the crypto asset transfer.

The travel rule aims to enhance the transparency of crypto asset transfers, advancing global anti-money laundering (AML) and counter-terrorism financing (CTF) efforts by helping crypto asset businesses detect suspicious transactions and conduct effective sanctions screening.

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