Back to the list

Crypto.com Is The First Crypto-Exchange To Deploy Global AML Guidelines Compliance Solution, CipherTrace Traveler - TCR

source-logo  thecoinrepublic.com 04 May 2021 11:20, UTC
  • Crypto.com is the first exchange to deploy the CipherTrace Traveler compliance solution.
  • CipherTrace’s Traveler solution is the first commercial solution that ensures compliance with global travel rule AML standards.
  • CipherTrace’s Traveler solution ensures that Crypto.com complies with global guidelines.

Crypto.com is the first exchange to deploy the premier “commercial Travel Rule Information Sharing Alliance (TRISA.io) compatible compliance solution,” CipherTrace Traveler, reported NYC-headquartered Cision PR Newswire on Monday. The crypto payment platform did so following the enforcement of stricter global cryptocurrency AML law.

CipherTrace’s March-launched Traveler solution is the first commercial solution that enables compliance with global Anti-Money Laundering (AML) travel rule laws. Crypto.com is the first to adopt the solution on its platform. 

CipherTrace Traveler 

Devised in anticipation of firm global enforcement of the travel rule laws to prevent money laundering in cross-border crypto transactions. Traveler supports virtual asset service providers (VASP); to carry out operations in accordance with the Financial Action Task Force’s (FATF) travel rule recommendation. With this, exchanges can assess transaction risk and KYC weaknesses and ultimately take a risk-based approach to VASP due diligence. 

Traveler helps VASPs, including crypto-exchanges, custody providers, OTC trading desks, banks, and other financial institutions, to meet the FATF’s proposed guidelines of sharing sensitive personally identifiable information (PII) for secure and compliant crypto-transactions. It auto-identifies VASP-to-VASP transfers. The recipient VASP scans incoming crypto-associated addresses and auto-verifies the originating VASP. This simplifies the user experience vastly.

Crypto.com Using Traveler

First joining the International Digital Asset Exchange Association (IDAXA) and Global Digital Finance (GDF) and now this announcement, together affirms Crypto.com’s commitment to security and compliance. 

Dave Jevans, CEO of CipherTrace, shared that if a crypto-firm fails to meet compliance standards, it’ll be charged a penalty or might even be imprisoned. Emphasizing the severity of the situation, he was “pleased to announce” Crypto.com as their first client using Traveler “to ensure compliance with global travel rule AML standards.” Traveler helps exchanges overcome “the sunrise issue,” even with “VASPs in jurisdictions that have not yet codified travel rule guidance into local law.”

Guidelines Compliance: A Fundamental Requirement

Chief Compliance Officer at Crypto.com, Antonio Alvarez, said that crypto platforms globally need to “comply with laws and regulations,” as they are “fundamental” to the crypto ecosystem’s “long-term viability.” CipherTrace‘s Traveler solution ensures that “Crypto.com complies with global guidelines.”

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.