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CIPHERTRACE TRAVELER™ SIMPLIFIES COMPLIANCE WITH THE TRAVEL RULE

 Travel Rule compliance for Virtual Asset Service Providers (VASP)

CipherTrace Traveler helps financial organizations and cryptocurrency exchanges comply with global “Travel Rule” regulations and Financial Action Task Force (FATF) recommendations by providing a way to securely share required beneficiary and originator information related to transactions with other VASPs.

“We are proud to partner with CipherTrace to deploy their Traveler compliance solution. As always, we are committed to providing a superior product for our users – one that is secure, decentralized, and meets global compliance standards.”

— Samuel Lim

Chief Compliance Officer of Binance
Crypto.com uses CipherTrace Traveler

Crypto.com has become the first cryptocurrency exchange to announce the use of CipherTrace’s Traveler solution, the first commercial solution to enable compliance with global Anti-Money Laundering (AML) travel rule laws.

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Binance Deploys CipherTrace Traveler

CipherTrace Traveler was created to help Virtual Asset Service Providers comply with global “travel rule” regulations. Binance is among the first exchanges to deploy it.

Read Article »

The CipherTrace Traveler Competitive Difference

Traveler was 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.

Easy compliance with Travel Rule Recommendations

CipherTrace Traveler provides a secure, reliable way to exchange required originator/beneficiary information, even with VASPs who do not currently have a Travel Rule solution in place.

Based on TRISA’s Open-Source architecture

Based on open-source standards with a decentralized component that has involved 150 VASPs working on TRISA technical standards. The software enables a global interoperable infrastructure for VASPs to determine which Bitcoin, Ethereum or other cryptocurrencies are associated with which VASPs.

Address Ownership Identification

Leveraging CipherTrace’s leading cryptocurrency attribution, CipherTrace identifies cryptocurrency address ownership across a wide variety of virtual assets, including addresses belonging to sanctioned entities, criminal and other risky entities, and Virtual Asset Service Providers.

Enables regulatory compliance and solves the Sunrise challenge

CipherTrace Traveler provides the most secure, reliable way to exchange required originator/beneficiary information, even with VASPs who are in jurisdictions not requiring travel rule recommendation adherance and who consequently do not currrently have a travel rule solution in place.

Strong Security and Data Privacy

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.

How CipherTrace Traveler solves the “Sunrise” problem:

  • Sends email to compliance officer with link
  • VASP signs-up,  gets key and picks up messages
  • Comply with US, Europe, Singapore, Japan, Swiss  and other Travel Rule requirements immediately
  • Securely delivers encrypted messages to VASPs globally
  • Solution works even if VASP is not a Traveler customer or TRISA member

CipherTrace Traveler Integrates with the TRISA directory (vendor neutral association) for VASPs

CipherTrace Traveler automates the compliance with the Travel Rule by checking the specifics of transfers of cryptocurrency from transmitter to recipient.

FATF Travel Rule Recommendation 16, regarding Wire Transfers, recommends that all digital fund transfers, creators and beneficiaries should exchange descriptive information. The rule is to be applied to all VASPs, financial institutions, and mandatory organizations.

All transmittor’s financial institutions must include and send the following in the transmittal order:

The name of the transmittor
The account number of the transmittor, if used
The address of the transmittor
The identity of the transmittor’s financial institution, The amount of the transmittal order
The execution date of the transmittal order
The identity of the recipient’s financial institution; and, if received:
  • The name of the recipient
  • The address of the recipient
  • The account number of the recipient, and any other specific identifier of the recipient
“Traveler enables exchanges to overcome the sunrise issue, meeting their compliance obligations, even with VASPs in jurisdictions that have not yet codified travel rule guidance into local law.”

— Dave Jevans

CEO of CipherTrace and Co-Chair of TRISA Alliance
CUSTOMER SUCCESS STORY

Crypto.com to use CipherTrace tool to comply with FATF’s travel rule

“It is essential for cryptocurrency platforms to comply with laws and regulations globally, including AML standards, in order to promote and encourage mainstream adoption. CipherTrace’s Traveler solution assures our partners and our customers that Crypto.com is in compliance with global guidelines, which are fundamental to the long-term viability of the cryptocurrency ecosystem.”

— Antonio Alvarez

CCO of Crypto.com

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Hands-on instruction in blockchain and cryptocurrency tracing.

Product Datasheet

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Video Demo of Traveler

See CipherTrace Traveler in Action.

Coming Soon

Podcast: Why Proposed FATF Rules Could Be a Shock for DeFi

Dave Jevans, CEO of Cipher Trace, talks about what the new draft guidance from the FATF (Financial Action Task Force) means for DeFi, NFTs, and crypto.

Resources

CipherTrace Traveler solves the Sunrise Problem for Virtual Currency Travel Rule Compliance

Dec 13, 2021 BY MARY HALL

CipherTrace’s Traveler solution is designed to assist VASP’s in ensuring Travel Rule Compliance by helping to automate some of the information sharing process with minimal cost and effort. As more jurisdictions around the world are expected to implement Travel Rule regulations, the feature/functionality in the CipherTrace Web Application helps to enable compliance with the Travel Rule.

Proposed FATF Guidance for Virtual Assets and VASPs

MARCH 19, 2021 BY JJ

The Financial Action Task Force (FATF) released a public consultation for its updated Draft Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers. Learn about the guidelines and what they mean in our analysis.

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