JERSEY virtual asset service provider regulatory amendments [AKA- JERSEY TRAVEL RULE]
New virtual asset service provider or a money or value transfer service provider, “TRAVEL RULE” regulations were approved in July 2023. They came into force on 1st September 2023 following a public consultation, introducing a ‘travel rule’ for businesses undertaking the transfer of digital assets – Virtual Asset Service Providers (VASPs) and Money or Value Transfer Services (MVTS).
Under the new rules, which align Jersey’s anti-money laundering and financial crime framework with FATF requirements, the accurate details of both senders and recipients must be obtained and disclosed to counterpart VASPs or financial institutions when transfers are made.
The full approved amendments are on the Jersey Legal Information Board website. https://www.jerseylaw.je/laws/enacted/Pages/RO-062-2023.aspx
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