TRISA release new version of whitepaper to assist with FATF’s Travel Rule

Virtual asset providers will now have a more efficient way to be compliant with FATF's Travel Rule by using TRISA's newly-developed solution

The Travel Rule Information Sharing Alliance (TRISA) has released version eight of its whitepaper that introduces global TRISA VASP Directory and the TRISA Certificate Authority.

The non-profit company has board members from a wide range of blockchain and cryptocurrency companies including Dave Jevans, CEO of CipherTrace, Aanchal Malhotra, Senior Software Research Engineer at Ripple and the Chief Compliance Officer at Paxful Lana Schwartzman.

The TRISA’s aim is to ensure that Virtual Asset Providers (VASPs), which includes exchanges and broker/dealers, comply with Travel Rule that was set by the The Financial Action Task Force (FATF) earlier this year.

John Jefferies, Chairman of TRISA, said: “In light of the recent OCC ruling allowing US banks to provide custody services for cryptocurrency assets, those that hold cryptocurrency will need to abide by the Travel Rule.

“Banks currently lack the infrastructure to comply with the Travel Rule when it comes to cryptocurrency transfers and must learn to share Travel Rule information with exchanges, funds, and non-custodial wallets.”

TRISA’s solution features the TRISA VASP Directory, which includes location data and contact information on 800 VASPs. The directory will assist VASPs in determining if meeting a given request to share sensitive information, per Travel Rule requirements, is safe and compliant.

Lana Schwartzman of Paxful added: “I’m thrilled and honored to join this board. TRISA has been on the forefront of Travel Rule implementation since version 1 of the white paper. They were able to show forward progress to FATF for VASPs seeking to comply with the Travel Rule globally by focusing not only on security, but interoperability as well which is essential to the success of the rule.”

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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