In response to stricter international cryptocurrency AML enforcement, Crypto.com turns into the earliest trade to deploy CipherTrace Traveler, the primary business Journey Rule Info Sharing Alliance appropriate compliance resolution.
MENLO PARK, Calif., Might 3, 2021 /PRNewswire-PRWeb/ — has change into the primary cryptocurrency trade to announce using Traveler resolution, the primary business resolution to allow compliance with international Anti-Cash Laundering (AML) journey rule legal guidelines.
in anticipation of accelerating international enforcement of journey rule legal guidelines meant to forestall cash laundering in cross-border cryptocurrency transactions. Traveler is designed to help digital asset service suppliers (VASPs), together with cryptocurrency exchanges, custody suppliers, OTC buying and selling desks, banks and different monetary establishments, to realize compliance with the native transpositions of and the Monetary Motion Process Pressure’s (FATF) journey rule advice.
Notably, the FATF just lately up to date its proposed tips to develop VASP due diligence necessities. Traveler is uniquely capable of assist exchanges assess transaction danger and KYC weaknesses to allow them to take a risk-based strategy to due diligence when onboarding counterparty VASPs.
Following the admission into Worldwide Digital Asset Alternate Affiliation (IDAXA) and International Digital Finance (GDF), this announcement reaffirms Crypto.com’s dedication to safety and compliance, with the target of turning into totally compliant in all markets the place the corporate operates.
CipherTrace CEO Dave Jevans stated, “The stakes are excessive for crypto corporations in relation to assembly compliance requirements, with charges and even jail time on the road, and so we’re more than happy to announce Crypto.com as the primary shopper utilizing our Traveler product to make sure compliance with international journey rule AML requirements. Traveler allows exchanges to beat the dawn challenge, assembly their compliance obligations, even with VASPs in jurisdictions that haven’t but codified journey rule steerage into native regulation.”
Antonio Alvarez, Chief Compliance Officer of Crypto.com shared, “It’s important for cryptocurrency platforms to adjust to legal guidelines and laws globally, together with AML requirements, with a purpose to promote and encourage mainstream adoption. CipherTrace’s Traveler resolution assures our companions and our clients that Crypto.com is in compliance with international tips, that are elementary to the long-term viability of the cryptocurrency ecosystem.”
Traveler will allow VASPs to fulfill the FATF’s new proposed tips of sharing delicate personally identifiable info (PII) to substantiate cryptocurrency transactions in a safe and compliant method. Vastly simplifying the consumer expertise, Traveler routinely identifies VASP-to-VASP transfers in addition to the recipient VASP. It additionally scans addresses related to incoming cryptocurrency transactions and routinely verifies the originating VASP.
Traveler is the primary business(TRISA.io) resolution which performs counterparty VASP due diligence as and points Know Your VASP (KYV) digital certificates. Vetted VASPs can get hold of and evaluation the TRIXO due diligence questionnaire developed by GDF. This infrastructure helps guarantee the confidentiality of PII mandatory by imposing mutual authentication and powerful encryption.
For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com.
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Kili Wall, Melrose PR, (310) 260-7901,