RATE Group | EPAM Joins Effort to Help Cryptocurrency Exchanges Comply With FATF ‘Travel Rule’
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EPAM Joins Effort to Help Cryptocurrency Exchanges Comply With FATF ‘Travel Rule’

16 Apr EPAM Joins Effort to Help Cryptocurrency Exchanges Comply With FATF ‘Travel Rule’

Posted at 20:52h in Cryptocurrency News by

Software and digital platform provider EPAM Systems has joined forces with an association working to help crypto exchanges comply with tough rules laid out by the Financial Action Task Force (FATF).

EPAM, which provides digital products across a range of industries including finance, joined OpenVASP as an association member on Thursday, pledging to use its programming expertise to help crypto businesses comply with the FATF’s “Travel Rule.”

In June 2019, the FATF – an international money laundering watchdog – updated Recommendation 16 of the Travel Rule, which relates to the way in which data of the sender a financial transaction and its beneficiary is policed during wire transfers.

Related: G20 Watchdog Warns Nations to Mitigate Risks Posed by Libra-Like Stablecoins

The rule change, which caused an outcry in the crypto industry, meant digital asset transactions at exchanges and similar entities – “Virtual Asset Service Providers” (VASPs) to use the FATF’s parlance…

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