Glass Buildings

What is the Travel Rule?

The so-called Travel Rule is part of the Financial Action Task Force (FATF) recommendations. In this context we are specifically referring to the recommendations for Virtual Assets Recommendation 16 - See https://www.fatf-gafi.org/publications/fatfrecommendations/ and http://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-vasp.html 

 

Specifically FATF Recommendation 16 (R16):

 

R16 -- Countries should ensure that originating VASPs obtain and hold required and accurate originator information and required beneficiary information on virtual asset transfers, submit the above information to the beneficiary VASP or financial institution (if any) immediately and securely, and make it available on request to appropriate authorities. Countries should ensure that beneficiary VASPs obtain and hold required originator information and required and accurate beneficiary information on virtual asset transfers, and make it available on request to appropriate authorities. Other requirements of R16 (including monitoring of the availability of information, and taking freezing action and prohibiting transactions with designated persons and entities) apply on the same basis as set out in R16. The same obligations apply to financial institutions when sending or receiving virtual asset transfers on behalf of a customer.


 

What is the Travel Rule Protocol?

The Travel Rule Protocol is a series of API’s which can help Virtual Asset Service Providers (VASPs) and other financial institutions comply with the FATF Travel Rule recommendations.


 

This set of standards aim to meet the requirements set by the FATF Recommendation 16 (R16), commonly known as the Travel Rule defined above:

 

Who are the people behind the Travel Rule Protocol?

The TRP has been incrementally developed by a self-selecting group of leading industry participants from around the world, collaborating openly and sharing to develop and evolve the solution. There is no single central body or organisation behind the protocol, only collaboration.

 

The TRP Working Group has a regular weekly minuted meeting with a set agenda. There are other forums including chat rooms for more frequent collaboration as well as email for more infrequent formal announcements. 

 

The Working Group welcomes all contributions, ideas and input to the design and implementation of the protocol. 

 

Industry participants who wish to help developing the protocol, or adopt the protocol are encouraged to register at https://travelruleprotocol.org/

 

Are you some shadowy body driven by fascist, imperialist, big finance stooges coming to crush crypto?

No.

Really?

Yes - see the list of individual participants and organisations at the bottom of the standard here:
https://gitlab.com/travelruleprotocol/travel-rule-protocol/-/blob/c6e4a0116b4a109dd3f40c54c52284f2494c1b02/core/specification.md 

Can I join the Travel Rule Protocol working group?

Yes - sign up at the Join link here: https://www.travelruleprotocol.org/
 

Is there a secret handshake?

Yes - but you need to join the group before I will tell you what it is.

What problems does the Travel Rule Protocol address?

The Travel Rule Protocol attempts address:

  1. Discovery: Which VASP or individual belongs to a particular blockchain address involved in a transfer between one VASP and another VASP?

  2. Ownership confirmation: Once its determined which VASP is thought to own a particular blockchain address does that VASP confirm ownership and wish to receive transfers to that address

  3. Travel Rule information exchange: How to transfer the required Travel Rule Information between VASPs

What problems does the Travel Rule Protocol not address?

Anything not mentioned above.

What was in Travel Rule Protocol 1.x.x?

Version 1.x.x focused on steps 2. (Ownership confirmation) and 3. (Travel Rule information exchange).

What has been added in Travel Rule Protocol 2.x.x?

Version 2.x.x adds support 1. (Discovery) with a workflow which lets VASPs know in an easy to use manner for the end user which VASP belongs to a particular blockchain address.

Where can I always find the latest version of the Travel Rule Protocol?

The latest public version is always linked at https://www.travelruleprotocol.org/.

Is there any sample code available?

Yes. See https://gitlab.com/travelruleprotocol/travel-rule-protocol 

Are there any vendors who sell products which implement the Travel Rule Protocol?

Yes - see list of vendors on the “Vendors” tab of:
https://www.travelruleprotocol.org/ 

Where can I discuss my implementation of the Travel Rule Protocol with others?

There is a public slack workspace for all to discuss the Travel Rule Protocol which you will be given access to once you join the working group by clicking on the Join link at:

https://www.travelruleprotocol.org/ 

Are there test cases available for the Travel Rule Protocol?

Yes see:

https://gitlab.com/travelruleprotocol/travel-rule-protocol 

What are the extensions to the travel rule protocol? Do I need to implement them all?

Extensions are optional enhancements to the core protocol. As such none of them need to be implemented to comply with the Travel Rule Protocol, though some over time may become in common use over time and certain VASPs who you want to exchange data with may require you to implement certain extensions. The agreed list of required extensions is completely for agreement bi-laterally between VASPs.

Do you have any recommended user journeys/flows for integrating Travel Rule Protocol with typical VASP flows? 

Yes - see the v2.x.x Travel Rule Protocol specification for an example user journey.