UK crypto businesses to comply with FATF Travel Rule beginning in September

The U.K. Financial Conduct Authority released a statement Aug. 17 on the enforcement of Financial Action Task Force requirements for virtual asset service providers.

Crypto asset businesses in the United Kingdom will be required to comply with Financial Action Task Force Anti-Money Laundering and Counter-Terrorist Financing rules, known collectively as the Travel Rule, beginning Sept. 1, a statement from the Financial Conduct Authority The Travel Rule requires virtual asset service providers to share customer information when making transfers to help identify suspicious transactions. The U.K. passed legislation to beginU.K.

The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Cointelegraph /  🏆 562. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK firms must take 'reasonable steps' to comply with crypto Travel RuleUK crypto businesses are expected to take 'all reasonable steps' to comply with the Travel Rule from September 1, the FCA said.
Read more »

UK ‘Travel Rule’ Won’t Completely Nix Transfers to Noncompliant Places, FCA SaysCompanies such as PayPal are already halting their crypto payments services in the U.K. as a result of tighter regulations.
Read more »

PayPal to Stop Crypto Purchases in UK Until 2024The company said the pause is due to the U.K. financial regulator’s upcoming stricter rules, which include the travel rule to combat money laundering set to take effect Sept. 1.
Read more »

Myriad Genetics | Myriad Cares | Financial Assistance ProgramMyriad offers free testing to qualified low income patients and provides financial assistance to lower out-of-pocket costs for qualified underinsured patients in the U.S.
Read more »

Pleasanton man's toy collection becomes a financial lifeline after having a strokeOne Pleasanton man with a valuable Hot Wheels collection had to sell some of his stash after a medical scare.
Read more »

Americans' Financial Comfort Is Nowhere Near RealityOur culture is completely backwards when it comes to money.
Read more »