The Payments Association

JANUARY 31, 2025

As crypto reshapes finance, the FATF’s Travel Rule struggles to keep pacecan global regulators close the gap on illicit transactions? Unlike traditional banking, crypto transactions often involve pseudonymous addresses, decentralised platforms, and non-custodial wallets, making it far more difficult to enforce the Travel Rule.

Travel Rule

Fintech News

MARCH 12, 2024

It also addresses the need for stringent compliance measures in response to tighter global regulations on digital assets, exemplified by recent actions from regulatory bodies in the Asia-Pacific region, including the Monetary Authority of Singapore and Hong Kong’s new crypto travel rule.

Transactions

PYMNTS

NOVEMBER 20, 2019

Travel Rule. Digital currency exchanges reportedly are not happy with this move, given that the guidance seems sure to lead to more expense on the part of those companies in making sure they comply with the new rules. At issue most of all is Recommendation 16 in the FAFT guidance, a so-called “travel rule.”

Travel Rule

Neopay

JULY 18, 2024

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

Travel Rule

Fintech News

FEBRUARY 18, 2024

A vital aspect of this enhancement was the efficient verification of Proof of Address ( PoA), an essential element in confirming user identities. This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule.

Verification

PYMNTS

JUNE 18, 2020

At the core of the new system is an email-address-like, easily read ID that can be used to send and receive money across the networks of any of digital currency networks operated by the Open Payments Coalition. We are excited to facilitate borderless, frictionless instant transactions for free for users.”.

Bank Routing Number

PYMNTS

JUNE 19, 2020

Alongside the announcement of the PayID launch, “memorizing crypto wallet addresses is the most significant pain point for our users, which is inconvenient, but poses considerable security risks.” The coalition has said, too, that it is compliant with Financial Action Task Force mandates known as the “travel rule.”

P2P

Fintech News

FEBRUARY 27, 2024

Japan Japan, as a forerunner in the adoption of customised cryptocurrency regulations, rolled out both the Travel Rule and stablecoin regulations in June 2023. Key areas such as the DeFi space remain under the spotlight, with questions about responsibility and oversight yet to be fully addressed.

APACS

The Fintech Times

JUNE 3, 2024

Instead of needing to use traditionally complex blockchain addresses to make transactions, users can instead use simpler identifiers. Mastercard Crypto Credential supports the exchange of travel rule information for cross-border transactions.

Credential

Fintech News

JULY 17, 2024

In 2024, the top 100 bitcoin consolidation wallets received £968 million worth of bitcoin from over 14,970 distinct addresses. Cross-Border Collaboration and Public-Private Partnerships The report emphasises the need for global cooperation to address the borderless nature of cryptocurrency transactions.

Money Laundering

PYMNTS

DECEMBER 10, 2020

Bitcoin is one of the most famous names in the cryptocurrency space, accounting for $6 billion in daily transactions among 153 million registered user addresses. Department of the Treasury, announced in November 2019 that it would begin strictly enforcing the “travel rule” for cryptocurrency exchanges.

AML

The Fintech Times

NOVEMBER 27, 2024

Full-cycle verification platform, Sumsub has enhanced its Crypto Transaction Monitoring and Travel Rule solutions following an integration with Elliptic , the cryptoasset risk manager.

Transactions

Neopay

NOVEMBER 27, 2023

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

Money Laundering

Neopay

JANUARY 25, 2024

Given the interdependence of the financial sector, the new Guidelines also include guidance addressed to other credit and financial institutions that have CASPs as their customers or which are exposed to crypto assets.

Service Provider

Neopay

MAY 7, 2024

The proposed updates to the Financial Crime Guide (FCG) are multifaceted, each aimed at addressing specific challenges and aligning with emerging trends in financial crime prevention. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes