According to Siân Jones, Senior Partner at XReg Consulting, a group of former policymakers specialising in cryptoassets, the deadline that the Financial Action Task Force (FATF) has put forward for the cryptocurrency industry to follow its recommendations, at least the date that people thought was the deadline, was not entirely correct.
You can read the full article at Cointelegraph here: FATF’s Deadline for Travel Rule Is a Bit of a Myth, Says Siân Jones
At the online conference, Siân stated that the June 2020 deadline is a bit unachievable. The FATF’s guidelines provide a number of AML and Know Your Customer measures to prevent cryptocurrencies from being used for money laundering. Notable among the recommendations is the Travel Rule, which requires virtual asset service providers (VASPs) to pass along customer information along with the transfer of cryptocurrency to the receiving VASP.
Siân, convenor of the Joint Working Group on the InterVASP Messaging Standards (JWG) said that the deadline meant that the FATF will monitor implementation of the new requirements by countries and service providers and conduct a 12-month review by June 2020.
This date, Siân said, serves became a deadline for the whole industry but she emphasised that the adoption might face some problems if it is rushed.
You can read the full article here:
FATF’s Deadline for Travel Rule Is a Bit of a Myth, Says Siân Jones
Published by: CoinTelegraph
by Helen Partz (May 12, 2020)