🔰UAE joins US. 🇺🇸, Canada 🇨🇦, Singapore 🇸🇬, and the UK 🇬🇧, among other countries, in adopting the#FATF“Travel rule” for crypto.

Originally adopted by the Financial Action Task Force (FATF) in 2016 to curb illicit activities, the FATF travel rules were updated in 2021 to apply to businesses conducting virtual asset-related transactions.

These rules are designed to prevent money laundering and terrorist financing while ensuring compliance with AML policies by requiring virtual asset service providers (VASPs) to clearly identify the origin and destination of crypto transactions above specified jurisdictional thresholds

Although this rule supersedes similar recommendations issued by the Financial Crimes Enforcement Network under the U.S. Bank Secrecy Act, FATF members must determine whether and how to implement the travel rule.

With the revision, the UAE joins the UK, US, Canada, Singapore, Switzerland, Gibraltar, Malaysia and South Korea as countries that have adopted FATF travel rules.

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