CoolBitX and Elliptic support the IFAG travel rule

Both companies have announced that they will unite to address anti-money laundering rules

FinTech CoolBitX has announced new alliances with cryptocurrency research firm Elliptic to address anti-money laundering (AML) rules for virtual asset service providers (VASP) in accordance with the travel rule by the International Financial Action Group (IFAG).

This could be the solution for countries that have not yet complied with the International Financial Action Task Force “travel rule,” as reported by Michael Ou, CEO of CoolBitX. “As the International Financial Action Task Force continues to push forward. their guide to cryptocurrency worldwide, compliance and crime prevention can be extremely daunting for VASPs.”

Michael further stated: “With Sygna and Elliptic’s full suite of tools, we are delighted to provide clients with the ability to protect themselves from violation of any AML / CFT laws and regulations, allowing them to help regulators combat illicit activities. money laundering, and to stay compliant with changes in regulations.”

The “travel rule” is a set of guidelines promoted by IFAG in June last year aimed at cryptocurrency-related companies to prevent the criminal use of virtual assets with AML, Know Your Customer (KYC) measures and Combat Funding of Terrorism (CFT).

For its part, IFAG reported that it would “supervise the application of the new requirements by countries and service providers and conduct a 12-month review.”


Source: cointelegraph

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