Virtual Asset Service Providers (VASPs) are now equipped with the best navigation tool curated by industry experts to seamlessly implement the travel rule while ensuring business growth
LONDON, March 28, 2024 /PRNewswire/ — Sumsubfull-cycle verification provider, teamed up with Mercuryglobal payments infrastructure platform, to publish a detailed guide for Virtual Asset Service Providers (VASPs) titled “Mastering travel compliance“. The guide covers everything businesses in the digital token space need to know about the Travel Rule and how to apply it effectively to stay compliant.
The Travel Rule, which is a set of guidelines introduced by the Financial Action Task Force (FATF), requires financial institutions engaged in virtual asset (VA) transfers to collect and share the personal data of senders and receivers in transactions. Compliance with the Travel Rule is a key anti-money laundering (AML) and anti-terrorist financing (CTF) measure that enables VASPs and financial institutions to remain fully compliant with cryptocurrency regulations, avoid regulatory penalties and maintain their licenses.
Addressing the travel rule is critical to integration cryptocurrency in the existing financial landscape and maintaining a secure, accountable and compliant environment. According to the latest FATF study, 35 of 135 Jurisdictions report that they have enacted legislation governing travel to April 2023including the US, Germany, Singapore, Hong Kong and United Kingdom. Similar measures are expected across the European Union (EU), starting from December 30, 2024.
In the guide, readers will receive an explanation of how the Travel Rule works and detailed information on the state of implementation in different jurisdictions, along with practical insights on how to engage the Travel Rule. This will help them prepare their business for global expansion.
“The Travel Rule plays a critical role in promoting a secure and transparent environment within the cryptocurrency space, aligning it with broader financial regulatory objectives and efforts to combat financial crime. This is the global standard for providing secure VA transfers, and following the travel rule is a reliable way to do it cryptocurrency the industry is transparent and safe for everyone,” explains Tony PetrovChief Legal Officer at Sumsub. “At Sumsub, we have focused our efforts on filling the gap in understanding the complexity of the travel rules regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercurio, our trusted partner, is thThe ultimate navigation tool that all VASPs can consult.”
Last year Sumsub and Mercuryo issued an incorporation guide for cryptocurrency enterprises to help them build effective user verification in the Web3 space and resolve compliance issues.
“Our long-term partnership with Sumsub combines joint core competencies and results in comprehensive company guides that we provide for free. As a global payment ecosystem, we build and harmonize crypto and fiat solutions that enable businesses worldwide to unlock and harness the power of crypto payments. This collaboration resonates deeply with Mercuryo’s mission to ensure transaction safety, data security and compliance for both consumers and crypto platforms”, adds Andrey IlinskyChief Product Officer at Mercurio.
To download the comprehensive “Mastering travel compliance” guide that Sumsub and Mercurio published today, please visit https://sumsub.com/mastering-travel-rule-guide-2024/
To learn more about Sumsub’s travel policy solution and book a demo, please go to https://sumsub.com/travel-rule/
regarding Sumsub
Sumsub is a full-cycle verification platform that provides the entire user journey. With the customization capabilities of Sumsub KYC, KYB, transaction monitoring and Fraud Prevention solutions, you can organize your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs and protect your business.
Sumsub has over 2,000 clients in financial technology, cryptotransportation, trading, e-commerce and gaming industries incl BinanceWirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming and TransferGo.
regarding Mercury
Mercuryo is a global payment infrastructure platform reinventing the ease of making payments by providing businesses with both fiat and crypto worlds with a wide range of financial services and products accessible through a single API integration.
Since its inception in 2018, Mercuryo has been developing a holistic fintech platform with several products including CaaS (Crypto-as-a-service), On-Off Ramps, Fiat Pay In-Out; and secured partnerships with over 200 crypto companies working with industry leading players such as Trust Wallet, Ledger, Trezor, 1inch, Gate.io, Nexo, OKX, Bitcoin.com and Bybit.
View original content to download media: https://www.prnewswire.com/news-releases/sumsub-and-mercuryo-release-comprehensive-guide-for-cryptocurrency-providers-to-navigate-travel-rule-compliance -302101626 .html
SOURCE Sumsub
