by the Crystal compliance team
|
November 5, 2022
Crystal and the crypto travel rule
We connect you with our expert Travel Rule partners to enhance
your compliance journey
The Travel Rule for crypto states that all crypto companies must obtain, record and communicate accurate information of both sender and recipient for virtual asset immediately and securely.
The Travel Rule aims to combat money laundering and terrorism financing by detecting any illicit flow of funds through VASPs.
It requires VASPs to exchange information about the originators and beneficiaries of crypto transactions over a certain threshold.
Both the originator and beneficiary need to verify and check the identity of the counterparty, and screen for any links to sanctioned entities.
STEP 1:
Determine wallet type
Before transacting, the originating VASP must determine if the transaction is being made to a hosted or self-hosted wallet.
STEP 2:
Identify and verify the beneficiary VASP
Before the transaction can begin, the originator must verify its name, account number, and physical address (or national identity number). The beneficiary VASP must also verify its name and account number. This can be done using a trusted labelling tool.
STEP 3:
Assess the risk level of the counterparty VASP
Both parties must conduct due diligence on the counterparty VASP, including screening for sanctions, to assess the risks related to transacting with each other.
STEP 4:
Securely transmit originator and beneficiary information
Once both parties have verified information and performed due diligence, the information must be transmitted and stored securely along with the transaction.
Let us help you get your Travel Rule compliance journey on the road. Book a call with us here.
Our partners
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by the Crystal analytics team
|
November 6, 2022
PART 2: The Travel Rule & Hosted Vs. Unhosted Crypto Wallets
Articles
by the Crystal marketing team
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October 18, 2021
Crystal partners with Notabene to provide a Travel Rule solution
Media
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Thanks to Crystal’s tool we can easily identify high-risk transactions, investigate them thoroughly, and properly adhere to regulatory requirements for our clients. The level of continuous support and communication with the Crystal Blockchain team remains outstanding!
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Grant Thornton
