JMLSG Crypto assets Transfers (‘Travel Rule’)
06/08/2023
This guidance relates to the provisions of The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) that implement the travel rule for cryptoasset transfers in the UK'
ALL Crypto assets-related provisions in the MLRs apply only to crypto exchange providers and custodian wallet providers as defined in the MLRs Reg 14A (cryptoasset businesses). Part 7A of the MLRs imposes requirements on cryptoasset enterprises relating to the information they must send, receive and verify as part of a cryptoasset transfer (the ‘travel rule )
The travel rule requires transfers of cryptoassets to be accompanied by certain identifiable information on the originator (person who owns and allows the transfer of the cryptoasset) and the beneficiary (intended recipient of the cryptoasset).
Cryptoasset businesses must take all reasonable steps to ensure that they comply with the travel rule requirements.
The travel rule forms part of broader anti-money laundering obligations to have adequate procedures in place to detect and prevent money laundering, terrorist financing and proliferation financing (ML/TF/PF).
The guidance is intended to assist firms in designing and implementing the systems and controls necessary to mitigate the risks of transferring cryptoassets in connection with ML/TF/PF.
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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.