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24.08.2020

Switzerland conducted the first automated Bitcoin transaction in compliance with the FATF rules

Switzerland-based Crypto Finance AG and Mt Pelerin conducted the first automated bitcoin transaction in accordance with the requirements of the Financial Action Task Force on Money Laundering (FATF) and the Swiss regulator FINMA. The software for the operation was provided by the 21 Analytics solution provider.
To complete the transaction worth $ 23 in cryptocurrency, 21 Analytics solution based on AI, the OpenVASP systеm from FATF and the “Road Rule Protocol” (TRP) developed by ING Bank were used. All the required information was drawn up according to the IVMS101 standard developed by the participants of the cryptoindustry. The participants exchanged the data of the sender and the recipient of funds, which is typical for standard bank transfers.
“The translation was fully automated with TRP instead of manually creating and sending PDFs for each transaction, as VASP did in Switzerland before,” said Lucas Betschart, founder and CEO of 21 Analytics.
The Travel Rule is a set of FATF guidelines obliging Virtual Asset Service Providers (VASPs) to comply with AML and CFT (Anti-Money Laundering and Terrorist Financing) procedures similar to traditional financial companies. Data generation is required for all transactions for amounts over $ 1000.
As a reminder, in July, custodian solutions provider BitGo presented a solution to comply with Travel Rule in the form of an API built into wallets.

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