Categories

BitGo Releases Crypto Wallet Compliance Tool For FATF’s Travel Rule

BitGo and Ripple join forces to make it easier for financial institutions and other customers to more securely hold XRP.

BitGo announced back in 2017 that it will provide multi-signature security, advanced treasury management and additional enterprise functionality for XRP, which has been integrated into the BitGo platform.

BitGo’s mission is to empower businesses to integrate digital currencies into their existing financial systems securely and at scale. They process over $1 Billion in transactions per month and their customers include the biggest digital currency exchanges and applications in the world.

Bitgo has announced that they have integrated a new API into its crypto wallet service to support the Financial Action Task Force’s travel rule. Bitgo is the first wallet service to provide an in-house API solution for the FATF’s Anti-Money Laundering (AML) regulations, known as the “travel rule.”

The travel rule represents a set of FATF guidelines for crypto-related firms to adopt a number of AML and Know Your Customer measures. Introduced by the FATF in June 2019, the travel rule aims to prevent criminal and terrorist misuse of virtual assets. VASP would not be required to submit travel data for multiple transactions below $1,000.

 

Check out our previous article on BitGo Now Providing Custody for India’s Largest Crypto Exchange

 

Source:  https://ripple.com/insights/bitgo-builds-enterprise-wallet-xrp/

Leave Your Comment

Your email address will not be published.*

Forgot Password