Sumsub’s Travel Rule Solution for Cryptocurrency Industry: Enhancing Compliance
It is reported that Sumsub, a technology company, has launched a travel rule solution for the cryptocurrency industry. It includes the safe transmission of tra…
It is reported that Sumsub, a technology company, has launched a travel rule solution for the cryptocurrency industry. It includes the safe transmission of travel rules information between virtual asset service providers (VASPs), all necessary KYC checks, anti-money laundering screening and verification and coordination according to the specific situation and business needs of the supervision. According to FATF data, 29 out of 98 countries have passed legislation on travel rules.
Sumsub Launches Travel Rules Solution for Cryptocurrency Enterprises
Interpretation of the news:
Sumsub, a technological company, has developed a solution to enhance compliance in the cryptocurrency industry. According to reports, Sumsub has launched a travel rule solution that enables the safe transmission of travel rules information between virtual asset service providers (VASPs), and also incorporates all necessary KYC checks, anti-money laundering screening and verification, and coordination according to the specific situation and business needs of the supervision.
The travel rule is a regulatory standard formulated by the Financial Action Task Force (FATF) in June 2019. It stipulates that cryptocurrency service providers must collect and transfer customer information and transaction data to one another, thus helping to combat money laundering, terrorism financing, and other related crimes. The travel rule requires VASPs to identify a customer’s identity, the originator of the transaction, the beneficiary of the transaction, and the amount involved in the transaction. Failure to comply with the travel rule can result in hefty fines or imprisonment.
Sumsub’s travel rule solution aims to enhance compliance in the cryptocurrency industry by offering a secure and seamless means of transferring customer data between VASPs. This solution is particularly noteworthy in light of the fact that FATF data shows that only 29 out of 98 countries have passed legislation on travel rules. Given the current regulatory landscape in the industry, it becomes essential for VASPs to have the necessary tools to meet regulatory requirements and to ensure the safety of their customers’ information.
In summary, Sumsub’s travel rule solution is a welcome development in the cryptocurrency industry. It leverages technology to facilitate compliance with FATF regulations in a secure and efficient manner. In today’s dynamic regulatory landscape, it is imperative for VASPs to stay compliant with travel rules and other similar regulations to keep their businesses operating smoothly. Ultimately, the Sumsub travel rule solution underscores the importance of compliance and how technology can help ensure regulatory compliance while also maintaining privacy and security.
Overall, the keywords that best represent this development are Sumsub, travel rule, cryptocurrency industry, compliance, and FATF.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/4873.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
USDT Active Addresses Reach a 4-Month Low
According to reports, the number of active USDT addresses has just reached 4601.655 in the past hour (7d MA), a 4-month low.
The number of active USDT addresses hit a 4-month low
I -
Knights of Degen Completes Degen Seed Air Drop and Launches Pledge Function
According to reports, the NFT project Knights of Degen announced on social media that it has completed the Degen Seed air drop and launched the pledge function. All Knights of Dege
-
Otherside Wiki Launches Language Tool to Aid Community Users in Writing in the Otherside/Koda Language
It is reported that Otherside Wiki, the Otherside data aggregator community, announced the launch of \”Otherside language tool\” on social media, which can help c
-
Ethereum Layer2 Lockup Volume Reaches $8.72 Billion: Up 24.17% in 7 Days
According to reports, L2BEAT data shows that up to now, the total lockup volume on Ethereum Layer2 is $8.72 billion, up 24.17% in the past 7 days. Among them, the largest lockup vo
-
The draft stable currency bill proposes to separate legislation on stable currency and digital asset markets
According to reports, Republican members of the US House Financial Services Committee have released a draft bill that focuses on paying stable currency, rather than overseeing othe
-
The Rise in Ethereum Wallets: A Record High
According to reports, Glassnode data shows that there are 23516993 addresses with over 0.01 ETHs, a record high.
Data: Address holding more than 0.01 ETHs hit a record high
Blockch -
Abu Dhabi-Based Royal Group Eyes Acquisition of UK’s Silicon Valley Bank
According to reports, according to people familiar with the matter, Royal Group, an investment company controlled by a senior member of the royal family in Abu Dhabi, is considering the possibility of acquiring the British branch of Silicon Valley Bank. The group is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, National Security Adviser of the United Arab Emirates. People familiar with the matter said that the group was discussing the possibility of acquisition through one of its subsidiaries. It is reported that the Group has not yet made a final decision and may not submit a bid. An investment company in the United Arab Emirates is considering acquiring the British branch of Silicon Valley Bank Analysis based on this information:An investment company controlled by a member of the royal family in Abu Dhabi, Royal Group, is reported to have shown interest in acquiring the British branch of the Silicon Valley Bank. The group is chaired by Sheikh Tahnoon bin…
-
BTC Drops Below $27,000: Risks and Opportunities
According to reports, the market shows that BTC has fallen below $27000 and is currently trading at $26977.6, with a daily decline of 2.92%. The market is highly volatile, so pleas
-
Tornado Cash’s Resurgence Signals Uncertainty in the Cryptocurrency Industry
On February 27th, Ameen Soleimani, the co-founder of SpankChain and Reflex Labs, revealed on Twitter that the controversial Ethereum transaction coin mixer Tor…
-
Gnosis Builders Launch Hashi to Enhance Bridge Security for Decentralized Ecosystems
It is reported that Gnosis Chain\’s ecosystem team, Gnosis Builders, has announced the launch of Hashi, which enhances bridge security by aggregating bridge standards. Gnosis Chain