Bitcoin
$44,244.12+0.26%
Ethereum
$3,069.36-1.82%
XRP
$0.976058-2.77%
Cardano
$2.26-0.03%
Polkadot
$32.26+1.81%
Stellar
$0.295230-1.45%
Dogecoin
$0.219723-1.72%
Chainlink
$24.32-0.35%
Uniswap
$20.86-2.84%
Polygon
$1.18-4.02%
Algorand
$1.90+0.59%
Cosmos
$40.68+1.32%
Litecoin
$160.13-0.30%
Bitcoin Cash
$539.09-0.92%
Wrapped Bitcoin
$44,269.17+0.74%
Filecoin
$72.51-2.64%
The Graph
$0.744153+0.92%
Tron
$0.096262-2.68%
Ethereum Classic
$49.86-2.07%
Tezos
$6.50+14.37%
Aave
$297.18-2.08%
Monero
$248.45+0.49%
NEO
$42.59-0.53%
EOS
$4.25-1.98%
IOTA
$1.34-3.09%
BitTorrent
$0.003430-2.06%
Bitcoin SV
$144.88-0.83%
Waves
$25.90+5.15%
Maker
$2,385.52-6.41%
Dash
$180.42+4.04%
Decentraland
$0.735801+0.87%
Decred
$119.28+1.49%
ICON
$1.66+0.09%
NEM
$0.158371-1.59%
Zcash
$119.17-1.17%
OmiseGO
$9.35-2.53%
Paxos Standard
$1.00+0.01%
NuCypher
$0.290720-0.42%
Yearn Finance
$30,371.86-1.05%
Qtum
$10.49-1.79%
Bitcoin Gold
$55.03-1.51%
Basic Attention Token
$0.682875-2.03%
Ren
$1.01+22.76%
Fetch.ai
$0.833414+11.98%
0x
$0.960175-0.52%
Kava.io
$6.01+8.83%
Bancor
$3.61-0.32%
Band Protocol
$7.97+2.02%
Siacoin
$0.015778-2.70%
Nano
$4.90-4.22%
Loopring
$0.401227-1.81%
Civic
$0.491848+13.47%
Storj
$1.15-0.97%
Numeraire
$42.67-1.69%
Lisk
$3.03-1.34%
Orchid
$0.342015-2.98%
PAX Gold
$1,764.01-0.25%
Enzyme
$138.56-9.75%
Augur
$21.00-2.30%
Aragon
$4.96-2.97%
district0x
$0.156091-0.14%
Kyber Network
$1.53-1.36%
SingularDTV
$0.001346-2.70%
Tether
$1.00+0.02%
USD Coin
$1.00+0.02%
Dai
$1.00+0.02%

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)

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...