JFSC issues Travel Rule guidance for virtual asset service providers (VASPs)
The virtual asset landscape continues to evolve. The JFSC’s approach is to support innovation while ensuring Jersey meets international standards in the fight against financial crime.
To help prevent money laundering, terrorist financing and proliferation financing, the Financial Action Taskforce (FATF) has called on jurisdictions to swiftly implement its “Travel Rule”, which requires transfers of virtual assets to be accompanied by accurate originator and beneficiary information.
The JFSC’s new guidance note explains how Jersey virtual asset service providers (VASPs) should implement the Travel Rule. They recognise the challenges presented by different jurisdictions being at different stages of adoption and implementation of the rule. The guidance therefore sets out how VASPs can ensure compliance with the Travel Rule under a range of circumstances.
Among other areas, the note covers:
- Required information to accompany transfers between VASPs
- What to do when transferring virtual assets to and from jurisdictions without the Travel Rule
- Determining transaction values
- Transfers between different legal entities within the same group
- Transfers to and from non-VASPs
Read the guidance here: Travel Rule guidance note
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