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Traveler: Travel Rule Compliance
for Virtual Asset Service Providers

What is Traveler?

CipherTrace Traveler helps Virtual Asset Service Providers comply with global “Travel Rule” regulations by securely sharing cryptocurrency transaction information with other vetted VASPs. It enables AML compliance and operational continuity in jurisdictions that enforce Travel Rule regulations by enabling secure exchange transaction confirmations. 

Traveler is the first commercial product created to meet the standards developed by the Travel Rule Information Sharing Alliance (TRISA) in response to recent guidance by the Financial Action Task Force (FATF)—the global money laundering and terrorist financing watchdog.

Who Uses Traveler?

Benefits of Using Traveler

Jurisdictions around the world are implementing laws based on the Travel Rule, potentially jeopardizing the future of VASPs should these institutions fail to adopt solutions.

Traveler simplifies compliance by detecting VASP-to-VASP payments and identifies beneficiary VASPs to ensure sensitive transaction confirmations are only shared with other Travel Rule-compliant institutions. Traveler will scan addresses associated cryptocurrency transactions to verify the counter-party VASP and validate that the institution is part of the TRISA directory before sharing the transaction confirmation details necessary for Travel Rule compliance. Traveler helps prevent data leakage and assures confidentiality via mutual VASP authentication and strong encryption. 

Detect VASP-to-VASP
Transactions

Identify
Receiving VASP

Confirm Cryptocurrency Transactions

Create Suspicious Activity Reports (SARs)

Comply with Travel Rule Regulations

Cryptocurrency Travel Rule compliance solution for virtual asset service providers (VASPs).

Cryptocurrency Exchanges

P2P Exchangers

Custody Providers 

BATM-med

Crypto ATMs

OTC Desks and
Investment Funds

Banks and Other
Financial Institutions

Know Your VASP

CipherTrace Traveler is the first commercial solution compatible with the Travel Rule Information Sharing Alliance (TRISA) standards.

  •  Interoperate vetted TRISA VASPs
  •  Outsource VASP vetting and onboarding
  •  Conduct mutual KYV authentication

Traveler leverages CipherTrace’s leading cryptocurrency intelligence to detect VASP-to-VASP payments, identifies receiving VASPs, and checks for sanctions violations and money laundering. Our CT103 messages meet FinCEN and FATF crypto transfer confirmation (CTC) requirements and are IVMS- and x.509-compatible.

Traveler is your secure, scalable, and reliable Travel Rule solution. Contact [email protected] today to learn about our turnkey option or explore integrated development to meet your needs.

Download the Traveler Data Sheet

Traveler is a FinCEN and FATF regulatory compliance solution that is compatible with the TRISA.io open standards.

Travel Rule Enforcement is Imminent:
What Every Crypto Business Needs to Comply

 

Blockchain Analytics and
Cryptocurrency Intelligence

CipherTrace’s industry-leading cryptocurrency intelligence and transaction attribution detects VASP-to-VASP payments and can identify and confirm receiving VASP identities. CipherTrace blockchain analytics extends TRISA capabilities to enable VASPs to also check for sanctions violations and money laundering red flags.

Crypto Transfer Confirmations
(CTC messages)

Traveler is compatible with global standards such as interVASP Messaging Standards (IVMS), a standard data model used in transmitting required originator and beneficiary information, and x.509, which protect communications between two VASPs by encrypting the connection between them. Whether you’re looking for turnkey or integrated deployment, Traveler is the secure, scalable, and reliable solution for your Travel Rule compliance needs. VASPs can easily integrate CipherTrace APIs into their existing transaction systems, or chose CipherTrace hosting services.

TRISA Travel Rule Security Infrastructure

Open Architecture

TRISA provides interoperability with open security standards and emerging messaging standards such as IVMS and PKI. The TRISA code is open source.

Secure and Private

TRISA applies the proven Certificate Authority (CA) model to reliably identify and verify VASPs. Through the TRISA network institutions can confidently transmit originator and beneficiary transaction data.

Decentralized and Reliable

Peer-to-peer design eliminates single point of failure and provides resilience to denial of service (DDoS) and scales to accommodate extreme volumes. Strong mutual authentication ensures PII will not be sent to the wrong VASP.

Why TRISA

The Travel Rule Information Sharing Alliance (TRISA.io) is a non-profit collaboration of 150 cryptocurrency stakeholders delivering critical security infrastructure and open-source software to address the FATF’s top concerns and help overcome the “sunrise issue.” Top concerns revolve around identification and due diligence on counterparties and add security. TRISA utilizes proven security components to address privacy and data protection issues.

Travel Rule Requirements

Global anti-money laundering watchdog the Financial Action Task Force (FATF) has modified their Travel Rule guidance (R. 16) to help mitigate money laundering and terrorist financing risks associated with virtual asset activities. New Travel Rule guidance now urges Virtual Asset Service Providers (VASPs), including exchanges, banks, OTC desks, hosted wallets and other financial institutions, to share certain identifying information about the recipient and receiver for cryptocurrency transactions over USD/EUR 1,000 globally. This is similar to the standard that US financial institutions are required to abide by for funds transfers under the Bank Secrecy Act (BSA).

 

BSA FATF SWIFT TRAVELER
* Address can be substituted for national identity number, or customer identification number, or date and place of birth
Information should be sent with the transmittal order or virtual asset transfer Required Not required For inter-bank transfers For inter-VASP transfers
Originator information
Name Required Required
Account number When available Required
Address Required Required*
Identity of financial institution Required Not required
Transmittal amount Required Not required
Execution date Required Not required
Recipient information
Name When available Required
Account number When available Required
Address When available Not required
Identity of financial institution Required Not required
Any other specific identifier of the recipient When available Not required

FATF Counterparty Due Diligence Concerns

The Financial Action Task Force produced Recommendation 16, the “Travel Rule,” recognizing there would be deployment challenges. These key concerns revolve around identification and due diligence on counterparties and add security.

  1. The ‘sunrise issue’ staggered enforcement of crypto AML regulations
  2. How blockchain analytic tools can be used in travel rule compliance
  3. How to identify counterparty VASPs and whether they are registered
  4. How to undertake counterparty VASP due diligence
  5. How to address cybersecurity, privacy and data protection

TRISA Directory Helps Overcome the ‘Sunrise Issue’

TRISA collaborated with GDF to create the TRIXO questionnaire as a foundation for KYV. The purpose of this questionnaire is to act as a baseline due diligence for VASP to VASP onboarding ahead of Travel Rule data sharing. TRISA EV certificates are issued to institutions that have answered the questionaire and had their answers validated by an independent 3rd party.

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