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Comment: Cryptoasset compliance with FATF Travel Rule is complicated by ‘sunrise issue’

By Phoebe Seers ( June 5, 2024, 14:40 GMT | Comment) -- The Financial Action Task Force — the global anti-money laundering standard setter — expects crypto businesses to exchange basic information on the sender and recipient of cryptoasset transfers. On the face of it, that appears to be a relatively straightforward request, and it's been incorporated into UK law. However, guidance published today makes it clear that with varying degrees of implementation of the Travel Rule around the world — the "sunrise issue" — it will be seriously challenging for businesses in this inherently borderless industry to comply with its requirements.The Financial Action Task Force — the global anti-money laundering standard setter — expects crypto businesses to exchange basic information on the sender and recipient of cryptoasset transfers. On the face of it, that appears to be a relatively straightforward and not unreasonable request, and it has been incorporated into UK law. ...

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