We recently released a survey inviting the responses of VASPs of various sizes worldwide to compile the findings into a State of Travel Rule Report. The upcoming report will demonstrate a transparent understanding of Travel Rule compliance readiness levels and pain points. Today we present a preliminary analysis of this data. Thank you to all of you who completed the survey.
What we’ve noticed: Regulators will have a significant role to play in the smooth, global implementation of Travel Rule compliance. Most of the issues that VASPs are facing are due to a lack of regulatory clarity. Regulators could help with coordination and further guidance. Learn more below.
78% of those say these teams are a key pillar of the company with enough power to ensure that the business adheres to external rules and internal controls.
VASPs that are looking to comply with Travel Rule requirements are all in very different stages of the process. The distribution of VASPs across the research, planning, implementation and finalized phase is fairly equal. This is possibly connected to the "sunrise issue," resulting in VASPs having very different levels of regulatory pressure to go live with the Travel Rule.
We will provide more information, including a deeper analysis, VASP interviews, and Regulator insights in the upcoming State of Travel Rule Report in December. Stay tuned to this and other regulatory news by signing up for our newsletters.
As the report aims to demonstrate a transparent understanding of compliance readiness levels and pain points, gathering responses and insights from a diverse group of VASPs is crucial. If your firm qualifies as a VASP, please feel free to submit your answers.