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The Travel Rule for crypto states that all crypto companies must obtain, record and communicate accurate information of both the sender and recipient of virtual assets immediately and securely.
What does the Travel Rule aim to do?
Detect illicit flows
The Travel Rule aims to combat money laundering and terrorism financing by detecting the potential illicit flow of funds through VASPs.
Send information
It requires VASPs to exchange information about the originators and beneficiaries of crypto transactions over a certain threshold.
Verify identity
Both the originator and beneficiary need to verify and check the identity of the counterparty, and screen for any links to sanctioned entities.
Determine wallet type
Before transacting, the originating VASP must determine if the transaction is being made to a hosted or self-hosted wallet.
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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, like Crystal Expert.
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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.
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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.
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