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UK virtual asset service providers to comply with FATF travel rules from September 1

ChainCatcher News: The UK Financial Conduct Authority (FCA) has required UK Virtual Asset Service Providers (VASPs) to comply with FATF travel rules from September 1st, collecting, verifying, and sharing information on domestic and cross-jurisdictional transactions.

The FCA also requires UK cryptocurrency companies to regularly review the implementation of travel rules in other jurisdictions and adjust their business processes accordingly. When sending cryptocurrency to jurisdictions without travel rules, if necessary information cannot be obtained, UK cryptocurrency enterprises must still collect and verify information in accordance with anti-money laundering regulations (MLR) and store that information before transferring cryptocurrency assets.

These travel rules aim to increase transparency in the transfer of cryptocurrency assets, help cryptocurrency enterprises detect suspicious transactions, and effectively screen for sanctions, advancing global anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.

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