WEB3
by BSC News
August 17, 2023
Effective September 1, 2023, all crypto companies will be required to gather, verify, and share information about cryptoasset transfers.
SUMMARY
The Financial Conduct Authority (FCA) on Thursday unveiled its comprehensive framework of expectations for cryptoasset businesses operating in the UK, aimed at ensuring compliance with the newly implemented Travel Rule, a pivotal provision in the money laundering legislation enacted by the government in July 2022.
Effective September 1, 2023, crypto businesses in the UK will be mandated to collect, verify, and share information pertaining to cryptoasset transfers, in what is known as the 'Travel Rule'. With the Financial Action Task Force (FATF) vehemently urging the global implementation of this rule, its integration aligns cryptoasset transaction practices with standard financial service protocols.
Amid mounting concerns over disparate adoption timelines, the FATF's plea for swift adoption in June 2023 prompted concerted action. In collaboration with the industry, the FCA has formulated guidelines to ensure compliance and reasonable expectations for businesses, setting the tone for other jurisdictions to emulate.
The Travel Rule seeks to heighten transparency in cryptoasset transfers, deterring criminals from utilizing crypto for illicit activity. By bolstering anti-money laundering (AML) and counter-terrorist financing (CTF) efforts, the Travel Rule helps crypto businesses in detecting suspicious transactions and conducting effective sanctions screenings.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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