JFSC issues Travel Rule guidance for VASPs

Posted: 06/02/2024

To help prevent money laundering, terrorist financing and proliferation financing, the Financial Action Taskforce 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 Jersey Financial Services Commission has issued a guidance note that explains how Jersey virtual asset service providers (VASPs) should implement the Travel Rule. 

Recognising the challenges presented by different jurisdictions at different stages of adoption and implementation of the rule, the guidance sets out how VASPs can ensure compliance under a range of circumstances. 

It 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

To read the guidance click here

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