Standard for AML Funds Travel Rule Jointly Approved by Chamber and Industry Bodies

The Chamber is excited to announce that on Wednesday, May 6, we joined members of the InterVASP Messaging Standard (IVMS101) Joint Working Group at its Plenary Meeting to approve the technical standard the group has been developing since December. IVMS101 is an information standard for transmitting data between virtual asset service providers (VASPs) pursuant to the Financial Action Task Force’s (FATF) newly adopted Wire Transfer provisions. The Chamber co-led this effort through Amy Kim, Chief Policy Officer.

This is a significant achievement, and we thank all members who participated in the Joint Working Group and supported efforts to create the Standard.  The coordinated, global approach across industry participants to develop this standard demonstrates the industry’s commitment to achieving workable solutions that support law enforcement objectives.

The Chamber is endorsing the IVMS101 as a standard to comply with the FATF’s requirements and is supportive of its adoption. We encourage our members to review the Standard and learn more about the IVMS 101 at intervasp.org and through this article by Coindesk discussing the Standard.

Coindesk also featured Chamber Chief Policy Officer Amy Davine Kim on a podcast this week to discuss the Funds Travel Rule and its implications for the industry in advance of her panels next week during Consensus on the Funds Travel Rule: “Capitol Controls with Aaron Stanley” on Monday, May 11, at 12:00 pm ET and “Is Crypto Ready for the Travel Rule?” on Wednesday, May 13, at 10:00 am ET.