Following its 12-month review period of the implementation of the Travel Rule, on 7 July 2020 the Financial Action Task Force (FATF) published its review reporting back on the status of the VASP industry’s compliance with the rule. The Review also included suggestions for the development of technical solutions for Travel Rule compliance.
The report’s findings conclude that only 35 countries have so far implemented the FATF standards, so there is still a lot of work to be done. It has therefore decided on another 12-month review process to give countries more time to transpose the Travel Rule into effective domestic regulations.