European Travel Rule Working Groups in Paris, Frankfurt, Zurich and London
VerifyVASP held a series of Travel Rule Working Groups and Roundtables in Paris, Frankfurt, Zurich and London in March 2024. Each session was introduced by a highly appreciated key partner in the region that we thank for their participation; Association pour le Développement des Actifs Numériques (ADAN) in France, Global Legal Entity Identifier Foundation (GLEIF) in Germany, Crypto Valley Association (CVA) in Switzerland and Global Blockchain Business Council (GBBC) in the United Kingdom.
Over 50 confirmed registrants including virtual asset service providers, regulatory bodies, law enforcement agencies and other stakeholders gathered to discuss and analyse local Travel Rule legislation, interpretation and implementation against the international backdrop of VerifyVASP’s extensive experience in supporting our members in seamless Travel Rule compliance.
The discussion included an overview of challenges, potential solutions and variations in good practice across different countries, as well as some of the key focal points of Travel Rule implementation as summarised in our recent knowledge share for Lessons Learned from Travel Rule Compliance as Prerequisite to Licensing.
These were contextualised for local regulations such as the Transfer of Funds Regulation (EU) 2023/1113), Switzerland’s AMLA, AMLO and AMLO-FINMA and UK’s Money Laundering and Terrorist Financing (Amendment) (№2) 2022 with JMLSG’s guidance, including data privacy laws such as the General Data Protection Regulation (GDPR) and its adequacy applicability to the UK and Switzerland.
The interactive sessions allowed participants to develop a more in-depth understanding of the local ecosystem, formulating an understanding of international practices where Travel Rule is already enforced with the objective of protecting the borderless, frictionless nature of blockchain transactions even once full compliance is achieved.
VerifyVASP continues to host Travel Rule Working Groups around the world to ensure alignment of stakeholders working together towards a common understanding, in hope of achieving best practice internationally. If you are interested in partnering or attending a future event, please contact corporate@verifyvasp.com.
