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FATF's Review of Revised Standards on Virtual Assets and VASPs: Travel Rule

On July 7, 2020, the Financial Action Task Force (FATF) published its “12-Month Review of Revised FATF Standards – Virtual Assets and VASPs”, which reviews how countries have implemented the revised standards on virtual assets (VAs) and virtual asset service providers (VASPs), as amended in June 2019.

This regulatory analysis will focus on the implementation of the “travel rule”, which is defined as “a key AML/CFT measure, which mandates that VASPs obtain, hold and exchange information about the originators and beneficiaries of virtual asset transfers”. According to FATF, the travel rule has garnered significant attention in terms of VASPs’ compliance with the revised standards.

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