FinTech Company CoolBitX may have a solution for countries that have not yet followed the International Financial Action Task Force’s “Travel Policy”.
According to a CoolBitX statement shared with Cointelegraph on July 21, The blockchain security company announced it would be working with cryptocurrency research firm Elliptic to combat money laundering (AML) for Virtual Asset Service Providers (VASP) in accordance with the International Financial Action Task Force (FATF) travel policy.
Virtual asset service providers have access to Sygna Bridge, the solution offered by CoolBitX, as well as Elliptic’s crypto transaction and wallet recognition tools Comply with the guidelines of the travel rule in the fight against money laundering.
“As the International Financial Action Task Force continues to push its guidelines for cryptocurrencies worldwide, compliance and crime prevention can be extremely daunting for VASPs,” said Michael Ou, CoolBitX CEO. “With the full Sygna and Elliptic tool suite, we are pleased to offer our customers the opportunity to protect themselves against anti-money laundering and anti-terrorist financing violations and to help regulators combat illegal money laundering activities To comply with changes in regulations “.
One year after the introduction of the “travel rule”
In June 2019, the FATF introduced a series of guidelines aimed at companies related to cryptocurrency to prevent criminal use of virtual assets With AML measures you know your customer (KYC) and fight terrorist financing (CFT). These requirements became known as the “travel rule”.
The group said it would “monitor the application of the new requirements by countries and suppliers of services and would take a 12 month exam in June 2020. “
Singapore and Korea are leading, says Ou
After a year of announcing the FATF guidelines Many countries continue to work on adapting to requirements.
Ou told Cointelegraph in May that in his opinion Singapore and South Korea had some of the best regulatory compliance regulators. The two nations have already set deadlines for VASP compliance with the FATF guidelines. Regulations such as the Singapore Payment Services Act and South Korea’s amendments to the law on specific reporting on financial transactions and the use of information have given both countries a good start.
According to a FATF report published on July 7th The group has planned another 12 reviews for June 2021.