24 Aug Crypto Working Group Chair David Rodriguez and Delphine Chen from Cosegic shares article on The Travel Rule
On 21st July 2022, amendments to The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the “MLRs”) introduced the requirement for in-scope cryptoasset businesses (cryptocurrency exchanges, digital wallet providers, and financial institutions that exchange, hold, safekeep, convert, and sell cryptoassets) to collect and transmit information when executing a cryptoasset transfer.
The ‘Travel Rule’ is set to take effect on the 1st September 2023 and the Financial Conduct Authority (FCA) has recently set out its expectations for UK cryptoasset businesses to comply with the Travel Rule.
Written By David Rodriguez and Delphine Chen. Cosegic