VASP Information Sharing refers to the practice where Virtual Asset Service Providers exchange data about their customers and transactions. This exchange is typically mandated by regulations to combat money laundering and terrorist financing. It allows VASPs to comply with international standards, such as the FATF’s Travel Rule. The objective is to enhance transparency and reduce illicit financial activity across digital asset transfers.
Context
VASP information sharing is a critical and evolving area of regulatory compliance within the digital asset sector. A key discussion involves developing secure and privacy-preserving methods for VASPs to exchange sensitive customer data. Future technological solutions and industry standards will aim to facilitate compliant information exchange while respecting data protection principles.
Global VASPs must immediately integrate Confirmation of Payee systems to comply with the Travel Rule's new anti-fraud and proliferation financing mandate.
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