BitGo launches the Cryptocurrency Compliance Tool for the FATF travel rule

BitGo, one of the world’s largest Bitcoin (BTC) transaction processors, It integrates a new API into its cryptocurrency service to support the International Financial Action Task Force’s travel policy.

BitGo announced this to Cointelegraph on July 14th The company is the first wallet service to provide an internal API solution to the FATF anti-money laundering (AML) regulation known as the “travel rule”.

Specially, BitGo is now expanding its API endpoints so that its customers can transfer additional data about transactions that are required under the new rule. To create more transparency, the new tool should enable data exchange about the originators and beneficiaries of transactions and establish BitGo as a compliant virtual asset service provider (VASP).

BitGo launches the Cryptocurrency Compliance Tool for the FATF travel rule
BitGo launches the Cryptocurrency Compliance Tool for the FATF travel rule

Chris Metcalfe, BitGo’s senior product manager, told Cointelegraph The BitGo API now accepts a subset of the InterVASP IVMS101 standard. The new standard was introduced by InterVASP in May 2020 and enables a universal common language for the communication of the necessary data of authors and beneficiaries between VASP.

The new API is “relatively easy”

Metcalfe said that By providing the advanced APIs, the BitGo API can begin receiving and registering the required data. BitGo customers can now verify this functionality by sending this additional data to the BitGo platform in their transaction requests. Metcalfe found that API integration is currently offered to customers on a voluntary basis.

Metcalfe noticed that BitGo customers are already familiar with API toolsHe added: “The integration effort our customers need is relatively small because they only need to include a little more information about the sender in the transaction requirements they already have.”

Additional data APIs include transactions over $ 1,000

As part of the development The advanced API transfers data with transactions over $ 1,000. according to the travel rule. BitGo’s Metcalfe clarified that a VASP would not be required to submit travel dates for multiple transactions under $ 1,000.

According to Metcalfe, BitGo was not “directly involved too much in the FATF” during development, but rather He has been working with various working groups and supervisory authorities on solutions for travel rules for about a year.

The so-called “travel rule” is a set of FATF guidelines for companies dealing with cryptocurrency to take a number of measures to combat money laundering and “Know Your Customer”.. The travel rule introduced by the FATF in June 2019 is designed to prevent criminals and terrorists from misusing virtual assets.

While the travel rule deadline came in June 2020, Si├ón Jones, chairman of the InterVASP Joint Messaging Standards Task Force, said this was “a myth” and added It may take years for 200 nations to fully adapt the FATF requirements.

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