10 Million Verifications Since 2022
VerifyVASP hit yet another milestone as of September 2024, successfully completing its 10 millionth verification since inception in 2022.
Travel Rule implementation is very much underway across the 25+ jurisdictions in which our 100+ members have legal entities. Our extensive experience processing over 10 million verifications have taught us many lessons from which we are able to derive best practices.
The two most important takeaways from this achievement are that
- Successful Travel Rule implementation can be achieved, at scale, creating a safer environment for users whilst providing regulators and law enforcement with powerful information. We have watched users gain confidence in using our member VASPs once implementation was completed.
- During the sunrise period, a VASP’s biggest challenge is to achieve and retain full compliance at all times whilst protecting the user experience. Our member VASPs are fully compliant and can continue to facilitate most transfers with little disruption to the user: they can use TravelRule to transact with other obliged counterparties and VerifyName to limit transfers to first-party only as an enhanced risk mitigation measure for their non-obliged counterparties.
As implementation go-live dates loom in many jurisdictions including the European Union, we are prepared for an acceleration of both network growth and verifications. If you would like to learn more or are having difficulties achieving full travel rule compliance, please contact us on [email protected].