Consultation on Financial Action Task Force’s (FATF) Risk Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs)

Consultation on Financial Action Task Force’s (FATF) Risk Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs)

“The private sector has stepped up […] on implementation of the Travel Rule across different VASPs and jurisdictions, in particular with regards to the sharing of private account information and Personal Identifiable Information (“PII”) data securely across the globe, and […] have defined and delivered common messaging standards that can be leveraged to provide private and secure transmission of all the required data for use by all VASPs. Examples of these are: OpenVasp2, the InterVASP Messaging standard IVMS1013 , and TRP (the Travel Rule Protocol4 ) and TRISA (The Travel Rule Information Sharing Alliance5). These different protocol implementations now provide a base upon which applications can be built to interchange data in the same manner as different email tools and protocols share data securely on the internet.[…] The net result will be global interchange standards that VASPs and other participants can leverage…” – Global DCA.

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