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With OJK taking the regulatory reins and the TravelRule 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 TravelRule data is exchanged is equally critical.
As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) TravelRule compliance in APAC. As a result, many have passed legislation to implement the TravelRule for virtual asset service providers (VASPs).
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, TravelRule, and how to collect data for successful KYC. For more information, visit their website.
Sumsub , a global full-cycle verification and compliance provider, has completed the integration of its TravelRule solution with Binance , the crypto exchange platform, through the Global TravelRule (GTR) Alliance.
This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travelrule. “As regulators made the travelrule a compliance requirement, the world is fast evolving to adopt the travelrule.
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 TravelRule.
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).
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