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Swiss Crypto Firms Say First Automated, AML-Compliant Bitcoin Transfer Completed

The new bitcoin transaction automatically complies with the FATF Travel Rule and will save intermediaries from doing it all manually.

Aug 21, 2020 at 9:28 a.m. UTC
Updated Sep 14, 2021 at 9:46 a.m. UTC

Three Swiss crypto companies say they've successfully completed the first automated Bitcoin transaction that meets anti-money laundering (AML) standards.

  • Geneva's Mt Pelerin and Zug-based Crypto Finance AG and 21 Analytics announced Friday that 21 CHF worth of bitcoin (~$23) had been sent in a live demonstration of a new transaction that automatically complied with the AML requirements set by the Financial Action Task Force (FATF) and Swiss markets regulators.
  • The transaction took place late Thursday.
  • FATF holds virtual asset service providers (VASPs) to the same standards as traditional bank transfers.
  • Known as the Travel Rule, the FATF standard requires VASPs to exchange data that identifies both the originator and the beneficiary on any transaction over $1,000.
  • Since the rule came into force last year, intermediaries have so far been forced to do this manually – but the live demonstration shows that transactions now can be sent with all the AML details automatically added.
  • “The transfer was fully automated using TRP [Travel Rule Protocol], instead of manually creating PDFs and sending that for each transaction, which happened to be the case for FINMA-regulated Swiss VASPs so far,” Lucas Betschart, CEO and founder of 21 Analytics, said in an email.
  • The live demonstration – viewable here – between Crypto Finance and Mt Pelerin was powered by 21 Analytics’ AI regtech, and ran over Swiss FATF travel rule system OpenVASP and the TRP, another institution-focused solution led by ING Bank.
  • It also used the industry’s data standard, the InterVASP Messaging Standard (IVMS101)

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