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Crypto Firms in Indonesia Must Rethink Their Compliance Now, Or Risk Losing Out

Fintech News

With OJK taking the regulatory reins and the Travel Rule now in force, crypto firms in Indonesia must evolve fast or risk falling behind in global markets, regulatory approval, and user trust. ” What happens after Travel Rule data is exchanged is equally critical.

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Can Crypto Firms Catch Up on Compliance Gaps as Regulations Evolve?

Fintech News

As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) Travel Rule compliance in APAC. As a result, many have passed legislation to implement the Travel Rule for virtual asset service providers (VASPs).

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Sumsub Academy Launched, Providing Expert-Led Fraud Prevention Courses

Fintech News

A significant four-fold surge in deepfakes worldwide from 2023 to 2024 further underscores the increasing role of AI in fraud. The initial course offerings will cover Business Verification Fundamentals, Transaction Monitoring, Travel Rule, and how to collect data for successful KYC. For more information, visit their website.

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Sumsub Integrates Travel Rule Solution with Binance, Supporting VASPs Globally

The Fintech Times

Sumsub , a global full-cycle verification and compliance provider, has completed the integration of its Travel Rule solution with Binance , the crypto exchange platform, through the Global Travel Rule (GTR) Alliance.

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Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

Fintech News

This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule. “As regulators made the travel rule a compliance requirement, the world is fast evolving to adopt the travel rule.

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Why payment transparency is critical to the future of correspondent banking

The Payments Association

UK-regulated firms must ensure that complete originator and beneficiary information accompanies all relevant transfers, including specific requirements for crypto-asset service providers under the Travel Rule.

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Hong Kong Consults on Proposed Approach to Stablecoin Legislation

Global Fintech & Digital Assets

However, certain requirements, as indicated below, would not apply to FRS issuers that are HKMA-authorised institutions (AI) (e.g., No other financial services and business activities (not applicable to licensed banks, restricted licence banks, and deposit-taking companies, known as AIs). providing wallet services for the FRS).