Authorities need to fast-track checks on crypto users’ identities, FATFnews says. According to FATF, only 11 of 98 surveyed jurisdictions are enforcing and supervising the controversial measure known as the “travel rule.”
Authorities need to fast-track checks on crypto users’ identities, global standard setter the Financial Action Task Force said Thursday in a report. According to FATF, only 11 of 98 surveyed jurisdictions are enforcing and supervising the controversial measure known as the “In 2018 proposals, modified in 2019, FATF said crypto service providers have to verify their customers' identities.
“Countries that have not introduced Travel Rule legislation should do so as soon as possible, and FATF jurisdictions should lead by example,” the report said.FATF’s 39 direct members include the U.S., U.K., Germany and China, but it is also responsible for monitoring activity in smaller jurisdictions, such as Bermuda and Cyprus.
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