30 Nov 2020

SelfKey’s Compliance Hub Solution Addresses Compliance Question

Since the FATF expanded its Recommendation 16 - the so-called “Travel Rule” - to apply to VASPs in July last year, national regulators have continued to tighten and expand regulations for VASPs operating in their jurisdictions. 

At the V20 VASP Summit this month, FinCEN and the US Federal Reserve announced that they would modify the thresholds at which banks must collect and store fund transfer information, reducing it from USD$3,000 to USD$250 for any transfers - in crypto or fiat - that go outside the U.S. This decision was taken following reports that criminals are conducting cross-border payments using smaller amounts of cryptocurrency, leading regulators to implement this new rule change.
Addressing the cost of compliance question, FATF Executive Secretary David Lewis countered back at V20 delegates, stating that the cost of not complying was far greater, and that compliance was essential in order to maintain transparency and protect the reputation of the industry. TheFATF also pointed out that in about 20 countries there are some 1,130 VASPs that have so far  demonstrated compliance with FATF Travel Rule recommendations.

Letus know if you’re interested in finding out more or taking a deeper look at our Compliance Hub solution. Regulators appear to be stepping on the gas for greater adoption in 2021, so ensuring you are well-prepared and positioned when it comes to compliance is more important than ever.

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