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Travel rule:
virtual assets emerging from the shadow

03.03.2020 ----> revised 07.08.2024 | Knowledgebase

Travel rule: virtual assets emerging from the shadow

In June 2019, the Financial Action Task Force (FATF) published its guidance for a risk-based approach to virtual assets and virtual asset service providers. This document recommended states to comply with the so-called "travel rule". The latter is already implemented in Switzerland. What does the new rule provide for, and what are the obligations for financial intermediaries? Answers are below.
A brief introduction to the FATF's activity

The FATF is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. [1] It regularly publishes thematic guidelines which are recognized as a global standard in the financial sector. Switzerland, one of the FATF member states, has harmonized many of its local regulations in line with FATF standards, including through frameworks such as the Swiss Financial Sandbox Initiative, which promotes regulatory innovation in fintech without compromising on AML/CFT compliance. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. [2]
virtual assets travel rule
FATF Guidance on virtual assets
Source: FATF Website
What is the travel rule?
The FATF, being worried that anonymity of virtual assets transactions may attract criminals who want to escape authorities' scrutiny, introduced the new order of how such operations have to be conducted. Travel rule is a conditional concept, and it originates from the Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers, namely – from Recommendation 16.

The travel rule aims the virtual assets (VA) to emerge from the shadow. It prescribes that all transactions above USD/EUR 1,000 must be accompanied by identifying information – names, account numbers, etc. The rule obliges Virtual Asset Service Providers (VASP) to exchange information about their customers when transferring VAs. This innovation is similar to SWIFT technology in bank transfers. Additionally, each blockchain wallet should be checked against a complete set of AML risk assessment scenarios and their potential association with illegal activities. [3]
Definition of VASP
VASPs cover a wide spectrum of individuals (natural persons) and legal entities which provide financial intermediary activity. These may be exchanges, wallet providers, financial services providers related to issuance/offer/sale of Virtual Assets and any other possible business models in that area. It is also essential to know, that not only transaction with fiat or digital currencies are considered as VASP operations, but safekeeping of the digital private keys is also considered as VASP activity. [3] Many such VASPs operate under corporate structures registered via Swiss company formation services, allowing them to benefit from Switzerland’s legal certainty and international reputation in the financial services sector.
Which countries are obliged by travel rule?
FATF Members
Source: FATF Website https://www.fatf-gafi.org/countries/#FATF
Which countries are obliged by travel rule?

In fact, it is up to each state whether to implement the rule and if yes – to what extent. The FATF is emphasizing that countries need to implement the measures, and soon in order to ensure transparency of virtual asset transactions and keep funds with links to crime and terrorism out of the crypto-sphere. [5]

Many countries are interested in being compliant with FATF's recommendations due to the principle "better regulation – more investment". For example, U.S. regulator FinCEN issued its version of the regulation pertaining to VASPs in May 2019, stating that firms had 180 days to get their houses in order. [6]

Switzerland's commitment to regulatory clarity also manifests in how companies are recorded and supervised. All VASPs must be listed in the Swiss Handelsregister (Trade Register), which ensures transparency of business ownership and activities in line with FATF transparency standards.

The EU's Fifth Anti-Money Laundering Directive came into force on 10 January 2020 and seems to mostly correspond to the FATF guidance. Besides, Japan, South Korea and Singapore have been exceptionally receptive to FATF recommendations. [7]
Switzerland's approach to the travel rule
Switzerland, being one of the world's financial hubs, needs to comply with high AML standards. This also aligns with the broader obligations imposed on different types of companies in Switzerland, especially those offering digital finance or cryptocurrency-related services, where strict KYC and reporting duties apply. Therefore, it has already implemented the travel rule, namely, in Art. 10 of the AML Ordinance. According to the latter, financial intermediary of the client specifies the name, account number and address of the client as well as the name and account number of the beneficiary in the case of payment orders. [5] Some experts highlight that FINMA's approach is even stricter than FATF's. For instance, FINMA does not allow VASP transaction to unregulated wallets and requires any transaction party to be verified. [3]

To reflect Switzerland's progress, the FATF has now re-rated the country on the Recommendation 16 - Wire transfers, from partially compliant to largely compliant. [8]
Wrap-up
To sum up, travel rule is a step forward to a safer digital environment. It provides benefits for all players. In addition, users engaging with Swiss-regulated platforms may be required to open a Swiss bank account, which further reinforces financial traceability and ensures compliance with local AML laws. It is a chance for states to improve their investment climate, for VASPs to build more reliable and transparent business and for users to get better security.
Sources:
  1. FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers, June 2019, https://www.fatf-gafi.org/media/fatf/documents/rec...
  2. https://www.fatf-gafi.org/about/
  3. https://cvj.ch/english-articles/the-fatf-travel-ru...
  4. https://www.fatf-gafi.org/publications/virtualasse...(fatf_releasedate)
  5. Geldwäschereiverordnung-FINMA.
  6. https://www.coindesk.com/inside-the-standards-race...
  7. https://cointelegraph.com/news/governments-begin-t...
  8. https://www.fatf-gafi.org/publications/mutualevalu...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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Publication of Annual Report 22 by Swiss Financial Market Authority. FINMA report disclose the latest results.
FINMA gives forth partly revised Circular on “Direct transmission”
The Swiss Financial Market Supervisory Authority (FINMA) is publishing the partly revised Circular on “Direct transmission” with the broadened list of foreign authorities allowed to provide administrative assistance and renewed reporting process.
2022 was a successful year of funding for Innosuisse
In 2022, Innosuisse submitted over 800 applications for innovative projects. This is 65% more than in the previous year. The company's innovative board approved 404 (in 2018 - 239). The company also conducted 400 innovative audits (a year earlier - 308).
Corporate law
Escrow payments for the companies and the private individuals
Escrow payments and how Escrow works —we facilitate escrow payments and help businesses minimize their risks and maximize profits.
Legal Alert
Partially revised VAT Regulation enacted in Switzerland
On 18 October 2017, the Swiss Federal Council passed the partially revised Value Added Tax Regulation (hereinafter “VAT Regulation”). It contains adaptations to the partially revised VAT Act (hereinafter “VAT Act”) and other point-to-point changes. Both documents will enter into force on 1 January 2018 with the exception of the provisions on mail order trading.
Legal Alert
Newly released FINMA regulations for Swiss banks, securities and insurance providers
Beginning on April 1, 2018, FINMA (The Swiss Financial Market Supervisory Authority) will begin enforcing a number of new regulations on Banks and Insurance companies.
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