Three Swiss cryptocurrency firms successfully completed the first BTC transaction with automated reporting. The transaction complies with anti-money laundering (AML) regulations.
The participants in the deal were Crypto Finance AG and 21 Analytics from Zug, as well as Mt Pelerin from Geneva. 21 Analytics CEO Lucas Betschart reported that the Bitcoin transaction between Crypto Finance and Mt Pelerin was the equivalent of $ 23. To carry out the transfer, the Travel Rule Protocol (TRP) solution from ING Bank was used. It aims to comply with the recommendations of the Financial Action Task Force on Money Laundering (FATF). In addition, AI technology from 21 Analytics and the OpenVASP solution were used.
The transaction was made in accordance with the industry standard Intervasp Messaging 101 (IVMS101), which defines a unified data model that must be exchanged between Virtual Asset Service Providers (VASP). According to the FATF requirements, cryptocurrency exchanges, wallet operators and service providers must request the details of participants in transactions exceeding $ 1000.
Betschart added that previously the VASP, regulated by the Swiss Financial Market Supervisory Authority (FINMA), had to manually report each transaction. In the case of this transaction, the collection of the necessary information was fully automated.
Recall that last month, the BitGo custodian service integrated a tool into cryptocurrency wallets that allows you to transfer additional data about users and their transactions. The tool also uses the IVMS101 standard.
