The FATF Travel Rule is a set of global standards that require financial institutions and virtual asset service providers (VASPs) to share information about the senders and recipients of virtual asset transfers. This information can be used to track and trace virtual assets, which can help to prevent money laundering and terrorist financing.
In simple terms, the FATF Travel Rule requires VASPs, Revolut being a VASP in this context, to share the following information about virtual asset transfers:
- The name and address of the sender
- The name of the recipient
- Transaction information, such as amount, asset and chain
The FATF Travel Rule is designed to make it more difficult for criminals to use virtual assets to launder money or finance terrorism. By sharing information about virtual asset transfers, Revolut can help to build a more transparent and traceable system for tracking virtual assets.