Travel Rule Report - published in collaboration with InCore Bank

The emergence of new blockchain technologies and new financial products services over the last decade has been one of the major changes to the global financial system. This new trend has brought innovation, increased efficiency and improved financial inclusion.

Cryptocurrencies and virtual assets (VA) as an accepted part of the financial markets, have attracted the attention of regulatory bodies, including the Financial Action Task Force (FATF). As an international standard setting body, the FATF sets rules for anti-money laundering, which is part of the Travel Rule that was first introduced in 2012. Those standards require the exchange of client data between financial intermediaries and are reviewed and updated in regular cycles.

This report introduces you to the Travel Rule framework, demonstrates how financial intermediaries can comply with the standards and highlights differences for countries that have implemented the rule.

Further, it gives a technical overview of existing protocols that can be implemented to comply with the Travel Rule, and highlights the main differences in order to give an idea of what to expect and what requirements need to be addressed.