UK crypto businesses gear up for Travel Rule compliance beginning in September, transmitting data for secure transactions amidst a global push
In a recent development, the Financial Conduct Authority (FCA) of the UK has reiterated that crypto asset businesses in the country are obligated to conform to the Financial Action Task Force (FATF) Anti-Money Laundering and Counter-Terrorist Financing rules, collectively known as the Travel Rule, beginning September 1. The UK's alignment with the FATF standards set in 2019 is expected to safeguard against illicit financial activities.
The Travel Rule, an internationally recognised measure, requires virtual asset service providers (VASPs) to exchange customer information during transactions to detect and deter potentially suspicious activities.