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Coinbase and Other US Companies Unveil Platform for Compliance with FATF Requirements

Legal

ihodl.com 17 February 2022 08:37, UTC
  
Reading time: ~2 m

A coalition of US crypto companies has just unveiled TRUST, a platform that will enable the secure exchange of customer information in compliance with the FATF "travel rule" as well as combat money laundering and terrorist financing.

According to the announcement made on Coinbase's official blog, the platform, which has been dubbed Travel Rule Universal Solution Technology (TRUST), will allow virtual asset service providers to share data with each other through end-to-end encrypted channels, including the sender's name and their digital wallet data or the recipient's name and their digital wallet data.

Notably, the platform's developers have consulted with FinCEN during its development.

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Jeff Horowitz, former chief compliance officer of Coinbase, compared the platform to a "centralized bulletin board" when he announced TRUST back in 2020.

Its operation is straightforward. Virtual service providers can post a message for the purpose of ascertaining the identity of the owner of an address in a transaction. When another entity requests an address as part of its transaction, it can participate in a peer-to-peer information exchange.


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