FATF to publish travel rule implementation report this month

06/18 02:12

According to The Block, the Financial Action Task Force (FATF) is gearing up to publish a report on how member nations are implementing its travel rule and emerging views on decentralized finance (DeFi). The body released its finalized crypto guidance in October of 2021, which included standards for virtual assets and virtual asset service providers (VASPs). The so-called travel rule would require businesses to collect and transmit originator and beneficiary information on both parties in a transaction. Since the passage of the standard last year, countries have been working to implement the standard and crypto firms have raced to present solutions. The FATF meets three times each year, during which it assesses risks, discusses potential guidance and tracks the progress of member nations' implementation of existing guidance. At this most recent set of meetings, the FATF discussed a "targeted update" on the implementation of VASP standards, preparing a report that focuses on travel rule implementation. It expects to publish the report at the end of June. In its summary, the FATF said that the report will highlight the progress made, but also point out that not all member-countries have rolled out regulations for travel rule compliance.

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