Sumsub Launches Travel Rule Solution for Cryptocurrency Industry
It is reported that Sumsub, a technology company, has launched a travel rule solution for the cryptocurrency industry. It includes the safe transmission of tra…
It is reported that Sumsub, a technology company, has launched a travel rule solution for the cryptocurrency industry. It includes the safe transmission of travel rules information between virtual asset service providers (VASPs), all necessary KYC checks, anti-money laundering screening and verification and coordination according to the specific situation and business needs of the supervision. According to FATF data, 29 out of 98 countries have passed legislation on travel rules.
Sumsub Launches Travel Rules Solution for Cryptocurrency Enterprises
Interpretation of the news:
Sumsub, a technology company that provides identification verification, ended the year on a high note with the release of their new travel rule solution for the cryptocurrency industry. The travel rule solution is a compliance framework which aims at preventing illicit activities including terrorist financing, money laundering and circumvention of sanctions. The solution will allow the transmission of travel rules information among Virtual Asset Service Providers while ensuring full compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.
The travel rule is a requirement designed to ensure that financial establishments and Virtual Asset Service Providers (VASPs) are able to keep a record of their customers’ transactions so that both originators and beneficiaries of cryptocurrency transactions can be identified. According to the Financial Action Task Force (FATF), 29 out of 98 countries have passed legislation on travel rules. However, it is evident that a considerable percentage of the cryptocurrency market still remains unregulated, leading to the propagation of illicit activities such as money laundering, terrorism financing and tax evasion.
Sumsub’s travel rule solution has been developed to ensure that Virtual Asset Service Providers follow the stipulations of travel rule regulations by providing mandatory checks on all senders and recipients of cryptocurrency transactions. The solution will allow Virtual Asset Service Providers to effectively communicate necessary information like identifying data, transaction details and the agreed amount, thus ensuring that the travel rule requirements are effectively met.
The KYC check and anti-money laundering screening functions of Sumsub’s travel rule solution have been designed to adhere strictly to the regulatory framework established by the FATF. The solution also offers convenience for the Virtual Asset Service Providers, as it is optimized to be managed and adapted to a range of business situations and industry-specific requirements, providing flexibility and easing the burden of regulatory compliance.
In conclusion, the travel rule solution from Sumsub provides an effective and comprehensive approach to enforcing regulatory compliance within the cryptocurrency industry. It is a vital tool that will facilitate the achievement of the regulatory framework set by the FATF, thereby ensuring that the industry operates within established standards.
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