Travel Rule Game

In 2019 the Financial Action Task Force (FATF) published its updated Recommendations, one of which requires Virtual Asset Service Providers (VASPs) and financial institutions engaged in crypto transfers to collect and share the personal data of senders and recipients. This is stated in Recommendation 16, known as “wire transfers”, or the “Travel Rule” in the context of virtual assets.

The Travel Rule gets its name because the data of the transacting parties ‘travels’ along with their transfers.

Now we invite you to travel around the world with Sumsub, learn amazing facts about various countries, and see where the Travel Rule has been implemented. All aboard!

With Sumsub you can stay AML compliant in jurisdictions enforcing Travel Rule regulations:

• Detect VASP-to-VASP payments
• Identify and verify the receiving VASP (Counterparty Due Diligence)
• Securely send and receive data
• Check for sanctions, watchlists, and adverse media.

Just to let you know, Sumsub can also help VASPs cope with the difficulties that arise with the Travel Rule, including different de minimis thresholds, data privacy issues, and transactions with unlicensed/unregistered/unhosted wallets.

Try our Travel Rule solution today to steer clear of huge regulatory fines, gain customer trust, and keep your reputation flawless!