JFSC issues Travel Rule guidance for virtual asset service providers (VASPs)
05/02/2024
The virtual asset landscape continues to evolve. The JFSC’s approach is to support innovation while ensuring Jersey meets international standards in the fight against financial crime.
To help prevent money laundering, terrorist financing and proliferation financing, the Financial Action Taskforce (FATF) has called on jurisdictions to swiftly implement its “Travel Rule”, which requires transfers of virtual assets to be accompanied by accurate originator and beneficiary information.
The JFSC’s new guidance note explains how Jersey virtual asset service providers (VASPs) should implement the Travel Rule. They recognise the challenges presented by different jurisdictions being at different stages of adoption and implementation of the rule. The guidance therefore sets out how VASPs can ensure compliance with the Travel Rule under a range of circumstances.
Among other areas, the note covers:
- Required information to accompany transfers between VASPs
- What to do when transferring virtual assets to and from jurisdictions without the Travel Rule
- Determining transaction values
- Transfers between different legal entities within the same group
- Transfers to and from non-VASPs
Read the guidance here: Travel Rule guidance note
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.