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FATF

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On June 1, 2019, the Financial Action Task Force (FATF) officially adopted what is known as the Travel Rule. Prior thereto, those that engaged in wire transfers of fiat currencies were already required to share a range of information about such transfers. The Travel Rule extended these anti-money laundering and counter-financing of terrorism (AML/CFT) obligations to cryptocurrency transfers valued at USD 1000 or more and applies to Virtual Asset Service Providers (VASPs) such as cryptocurrency…

On August 20, 2020, three Swiss companies, 21 Analytics, Crypto Finance AG, and Mt. Pelerin, conducted a live demonstration of a Bitcoin transaction valued at US$23 million. The transaction between Crypto Finance and Mt. Pelerin was powered by 21 Analytics’ regtech, and ran over Swiss FATF travel rule system OpenVASP and the TRP, another institution-focused solution led by ING Bank. The transaction is reported to be the first cryptocurrency transaction in Switzerland that automated full…

During a speech at Consenus 2019, Sigal Mandelker, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, reiterated the projection that the Financial Action Task Force (“FATF”) will adopt international standards for cryptocurrency-based services in June 2019.  FATF (also known by its French name, Groupe d’action financière) is an independent inter-governmental body that develops global standards for anti-money laundering and counter-terrorist financing. In 2014 and 2015 FATF began expressing concerns that the potential benefits…