Travel Rule Enforcement is Here
Since the issuance of FATF’s virtual asset guidance, some jurisdictions, such as Canada, Singapore, Switzerland and Hong Kong, have already forbidden exchanges from operating without licenses that enforce Travel Rule compliance—regulations that requires Virtual Asset Service Providers to securely share certain sender and receiver information with each other for cryptocurrency transactions.
On July 5, the FATF announced that one of its major next steps will be to accelerate the implementation of the Travel Rule globally.
In the US, the rule has technically already been in place, though until now seldom enforced. In the last year, the FinCEN has decidedly refocused on the regulation by proposing several new rules for crypto payments to explicitly apply the Travel Rule to US exchanges, trading desks, crypto kiosks, and custody providers.
Is your institution ready for the Travel Rule?
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What you'll learn:
- What the FATF Travel Rule guidance is and how it compares to global Travel Rule laws.
- Best practices to ease Travel Rule compliance burdens.
- Why your crypto business needs to adopt a Travel Rule solution in 2021.
- How to get started now with open-source and commercial Travel Rule solutions.
Dave Jevans is a founder and CEO of CipherTrace. Mr. Jevans has 20 years of experience in the security, payments and computing markets, which includes experience that spans from serving on the CEO’s technology council at Apple to inventing 17 US patented cybersecurity technologies. He found mobile security pioneer Marble Security, which he sold to Proofpoint (NASDAQ: PFPT) in 2015. Before Marble, Mr. Jevans founded IronKey, which was acquired by iMation (NASDAQ: IMN).
Previously Mr. Jevans founded Receipt.com (acquired by Valicert NASDAQ: VLCT). He has held senior management positions at security companies Tumbleweed Communications (NASDAQ: TMWD) and Teros (acquired by Citrix, NASDAQ: CTXS).
He also serves as the chairman of the Anti-Phishing Working Group (www.APWG.org), a consortium of more than 1,500 government agencies, financial services companies, ISPs, law enforcement agencies and technology vendors dedicated to fighting electronic crime.