ARTICLE · 09 SEPTEMBER 2024

Transfer Of Cryptoassets – The Travel Rule

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HM Treasury's consultation proposes implementing the FATF Travel Rule for UK crypto transactions, requiring crypto firms to exchange originator and beneficiary information to combat financial crime. A 12-month grace period is provided for compliance by September 2023.

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UK crypto AML regulation – towards implementation of the Travel Rule

On 22 July 2022, HM Treasury launched a consultation entitled "Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022."

The Consultation covered various topics, including expanding requirements to strengthen the regime and information sharing and gathering. Turning to aspects regarding crypto, one of the more controversial parts of the Consultation concerns the implementation of the so-called Travel Rule.

What is the Travel Rule?

In a nutshell, the Travel Rule requires the private sector to obtain and exchange beneficiary and originator information with virtual assets transfers over a certain threshold. Therefore, it is a requirement to obtain information (e.g. name and address) about both parties to a financial transaction. This is a concept from the US, where banks for a long time have been

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