A report from Geissbühler Weber & Partner in Switzerland says that FATF sets rules for AML, including the Travel Rule that was first introduced in 2012.  Its standards require the exchange of client data between financial intermediaries and are reviewed and updated in regular cycles.  This report sets out to introduce you to the Travel Rule framework, demonstrates how financial intermediaries can comply with the standards and highlights differences for countries that have implemented the rule. It is also said to give a technical overview of existing protocols that can be implemented to comply with the Travel Rule, and highlights the main differences in order to give an idea of what to expect and what requirements need to be addressed.  It explains that the Travel Rule was first introduced in 1996 by FinCEN under which banks and money services businesses must share information of both the originators and beneficiary tied to payments of $3,000 and higher, and in 2012 the policy was amended to include electronic funds transfers.  FATF adopted the Travel Rule in 2012.  In June 2019, FATF proposed global standards regarding the sharing of beneficiary and originator information between Virtual Asset Service Providers (VASP), inspired by regulation from FinCEN.  Entities subject to these regulations are cryptocurrency exchanges, custodial wallets, digital exchange (DEX) operators or others based on the interpretation of regulations in each jurisdiction.

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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