FATF Says It Is Open to Amending Crypto Travel Rule Guidance
The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services.
The anti-money laundering watchdog said Thursday it is confident the crypto industry will be able to implement complex data sharing requirements, known colloquially as the “travel rule,” by the time its 12-month review comes around in June.
A U.S. Treasury Department statement said FATF “agreed to seek public consultation on amendments to” the June 2019 guidance.
“The updated guidance will help countries and [virtual asset service providers] understand their [anti-money laundering/countering the financing of terrorism] obligations and effectively implement the FATF’s requirements in key areas, including how the FATF Standards should be applied to stablecoins, travel rule implementation and how to address the risks of peer-to-peer transactions,” the Treasury Department said.
Thursday’s announcements came following a virtual meeting, where officials from FATF member nations met to discuss efforts to monitor or mitigate money-laundering concerns and evaluate whether any nations were failing to meet the standard-setters’ guidance.
The FATF has said previously the virtual asset industry had made progress but there’s “a need for greater guidance to implement the revised requirements, including for low-capacity countries,” according to a statement accompanying this week’s meeting.
A U.S. Treasury Department statement said FATF “agreed to seek public consultation on amendments to” the June 2019 guidance.
“The updated guidance will help countries and [virtual asset service providers] understand their [anti-money laundering/countering the financing of terrorism] obligations and effectively implement the FATF’s requirements in key areas, including how the FATF Standards should be applied to stablecoins, travel rule implementation and how to address the risks of peer-to-peer transactions,” the Treasury Department said.
Thursday’s announcements came following a virtual meeting, where officials from FATF member nations met to discuss efforts to monitor or mitigate money-laundering concerns and evaluate whether any nations were failing to meet the standard-setters’ guidance.
The FATF has said previously the virtual asset industry had made progress but there’s “a need for greater guidance to implement the revised requirements, including for low-capacity countries,” according to a statement accompanying this week’s meeting.