VerifyVASP Joins ISO 20022

The adoption of standards is a cornerstone in the responsible evolution of the virtual asset industry in many areas, including AML/CFT data standard requirements for Financial Action Task Force (FATF) R.16 compliance. This was confirmed by the recent consultation issued by FATF on R.16, where Paragraph 6 of the interpretive note introduces a requirement that the information must be structured in accordance with established standards such as ISO 20022, a single standardisation approach (methodology, process, repository) to be used by all financial standards initiatives.

Accordingly, we are delighted to announce that we have become members of several ISO 20022 registration bodies, including the API Standards Evaluation Group, the Payments Standards Evaluation Group and the Technical Support Group.

During their April 2024 Virtual Asset Contact Group meeting in Paris, the FATF alluded to the adoption of ISO 20022 in the virtual asset industry requiring developments and that it would likely take several years.

It is an honour to participate in the future of the standard and to be the voice of our alliance of VASPs. We hope to contribute by sharing the experience we have gained over several years, building secure messaging solutions for the virtual asset industry through close public-private partnerships. We are grateful to the ISO Registration Management Group for welcoming us into this esteemed group and look forward to a productive collaboration.