Global tech company Sumsub, which provides customizable KYC, KYB, AML and transaction monitoring solutions, has launched a Travel Rule solution for the crypto industry, offering a full compliance toolkit across the whole customer lifecycle.
This includes secure Travel Rule information transfers between virtual asset service providers (VASPs), all the necessary KYC checks, AML screening and verification orchestration according to regulatory specifics and business needs.
Designed to combat money laundering and terrorism financing, the Travel Rule extends FATF Recommendation 16 on wire transfers to virtual assets like cryptocurrencies and to VASPs, so that the senders and recipients of all transfers must exchange identifying information, guarantee its accuracy and convey the data to government if required. In the wake of FTX’s…
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