Starting on September 1, all UK-registered virtual asset service providers (VASPs) are mandated to follow the FATF’s Travel Rule to monitor crypto transactions for anti-money laundering (AML) protocol.
This entails the transference of datasuch as the names, addresses, and account details of both sender and recipient of the transactionalong to the exchange or receiving party.
If the sending jurisdiction has not acknowledged the Travel Rule, then the VASP must conduct a risk examination about the suitability of their confirmation.
In the present case of those transferring from the UK to countries that have yet to adopt the Travel Rule, the Financial Conduct Authority (FCA) mandates the confirmation and authentication of all mentioned data.
The FATF did express displeasure at how slow the process of Travel Rule adaptation has been, but Japan implemented it as of June 1.
