Scope of the Travel Rule
“Any Regulated Financial Institution (RFI) including an RFI conducting Digital Asset Business (DAB), that provides services for the transfer of digital assets (virtual assets), money transmission, or other transfer of funds, is a payment service provider (PSP) engaging in a wire transfer and is subject to the rules for wire transfers set forth in POCR Regulations 21 through 31A and Chapter 8: Wire Transfers”.
In order to comply with the FATF’s Travel Rule and meet AML requirements, the following information is to be exchanged:
Originator's account number,
Originator's address or national identity number, customer identification number or date and place of birth,
Beneficiary’s account number.
When do you need to comply?
What else do you need to know
Any person carrying out any of the following activities has to be licensed:
Redeeming, issuing, or selling any form of digital assets. This includes, but is not limited to virtual coins and tokens,
Operating as a payment service provider business utilizing digital assets, including the provision of services for the transfer of funds,
Operating as an electronic exchange,
Providing custodial wallet services,
Operating as a digital assets services vendor.