CoolBitX partners with Elliptic to address FATF travel rule

1. August 2020 - Bitcoin

 

The company FinTech CoolBitX may have a solution for countries that have not yet complied with the Financial Action Task Force’s „travel rule“.

According to a CoolBitX statement shared with Cointelegraph on July 21, the security company blockchain announced that it would Bitcoin Profit partner with cryptomoney research company Elliptic to address anti-money laundering (AML) standards for virtual asset service providers (VASPs) under the Financial Action Task Force (FATF) Travel Rule.

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Virtual asset service providers will have access to both Sygna Bridge, the solution offered by CoolBitX, and Elliptic’s cryptotransaction and wallet detection tools to meet anti-money laundering travel rule guidelines.

„As the Financial Action Task Force continues to push its cryptomoney guidance around the world, compliance and prevention of criminal activity can be extremely daunting for VASPs,“ said Michael Ou, CEO of CoolBitX. „With Sygna and Elliptic’s full range of tools, we are pleased to provide clients with the ability to protect themselves from violating any AML/CFT laws and regulations, allowing them to assist regulators in combating illegal money laundering activities, and to remain compliant with changing regulations.

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One year after the introduction of the „travel rule“
The FATF introduced a set of guidelines in June 2019 for crypto-currency related companies to prevent the criminal use of virtual assets with AML, Know Your Customer (KYC) and Combat Financing of Terrorism (CFT) measures. These requirements became known as the „travel rule“.

The group said that it would „monitor the implementation of the new requirements by countries and service providers and conduct a 12-month review in June 2020“.

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Singapore and Korea lead, says Ou
One year after the announcement of the FATF guidelines, many countries are still working to adapt to the requirements.

Ou told Cointelegraph in May that, in his opinion, Singapore and South Korea had some of the best regulatory oversight for compliance with the travel rule. The two nations already have set deadlines for VASPs to comply with FATF guidelines. Regulations such as Singapore’s Payment Services Act and South Korea’s amendments to its Financial Transaction Specific Reporting and Use of Information Act have given both countries a good start.

According to a FATF report released on July 7, the group has scheduled 12 more reviews for June 2021.