FATF retains ‘travel rule’ in new guidance, compelling exchanges to share customer data

The Financial Action Task Force (FATF) has released its latest standards combating money laundering and terrorism, and it includes the much-debated “travel rule,” requiring exchanges to collect and transfer customer information during transactions.

In its February proposal, FATF said virtual asset providers (VASPs) may be required to obtain, hold and transmit both originator and beneficiary information. Now, the finalized guidance requires exchanges to gather and transfer originator name, originator account number (the VA wallet), originator’s location information, beneficiary name and beneficiary account number (their VA wallet).

Original source
https://www.theblockcrypto.com/2019/06/21/fatf-retains-travel-rule-in-new-guidance-compelling-exchanges-to-share-customer-data/?utm_source=rss&utm_medium=rss&utm_campaign=default

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