In a significant stride forward, we are delighted to announce the expansion of the Global Travel Rule (GTR) Alliance. We've recently onboarded a host of industry-leading players including global blockchain infrastructure provider Binance, compliance solution provider CODE, identity verification platform Sumsub and travel rule solution Sygna.
Our collaborative embodies a shared aim: fostering a secure, streamlined, and interoperable environment for businesses striving to meet the Financial Action Task Force (FATF) Recommendation 16, commonly referred to as the 'Travel Rule.'
In a landscape where VASPs must keep pace with an ever-evolving regulatory landscape, the need for holistic and efficient Travel Rule solutions have become ever more crucial. Existing solutions often face limitations due to regional focus and lack of interoperability. The expansion of our alliance brings GTR a step closer to collectively solving these challenges.
Global, Secure, Seamless Travel Rule Solution
At GTR, we offer a unique solution characterized by its global applicability, robust data protection protocols, and effortless integration. Our one-time integration delivers widespread coverage and interoperability that allow VASPs to easily comply with regulatory mandates worldwide through a single platform.
Data security is paramount for us. That is why GTR utilizes highly secure protocols to ensure encrypted and secure transmission of personal data. All data is first encrypted by the originating VASP before being sent to GTR, and accessible only using the beneficiary VASP's private key. This ensures that no clear text data is stored, and personal data protection is robustly upheld.
To this end, we implement the following:
- Decentralized key management, where each VASP is responsible for their own key.
- Keccak256 hashing of all Personal Identifiable Information (PII) to produce an irreversible and unique hash, thereby ensuring no clear text PII data storage.
- The use of mTLS, implementing a Zero Trust security framework for transmitting hashed information securely.
Moreover, member entities within the GTR Alliance each contribute their expertise towards creating a comprehensive solution. The benefits of this collective effort include but are not limited to, enhanced knowledge sharing, combined technological competencies, and a more harmonized approach towards achieving Travel Rule compliance. The pooled resources and experiences of participating VASPs and solution providers significantly amplify the potential for innovation and practical problem-solving in navigating the regulatory landscape.
Hear from Our Alliance Partners
Steve Christie, Deputy Chief Compliance Officer at Binance, shared: "Joining the Global Travel Rule Alliance is an exciting step forward in solidifying our international compliance efforts. We're particularly enthusiastic about the ability it gives us to consolidate our efforts globally, moving past the challenge of fragmented regional integrations. This move doesn't just bring us into alignment with FATF's global standards - it's about proactively providing our extensive user base with the assurance that their data and transactions are secure. This alliance amplifies the trust, security, and transparency that our users can expect at Binance."
Sungmi Lee, CEO of CODE, said: "Our strategic alliance with Travel Rule solution partners will play an important role in understanding the regulatory and technical differences in each country and ensuring compliance in digital asset transfers. This collaboration will increase transparency and contribute to the healthy development of the industry.”
Jacob Sever, Co-Founder and Chief Innovation Officer at Sumsub, commented: “Integrating with Global Travel Rule Alliance is a significant milestone for us, underscoring the importance of collaboration in the crypto space. The integration with Sumsub's Travel Rule solution is a major advancement in ensuring interoperability and addressing the sunrise issue. By enabling seamless interaction between members of both ecosystems, this partnership not only enhances the infrastructure of the global crypto ecosystem but also fosters trust both within and outside the industry.”
Michael, CEO of Sygna, “Delighted to witness Sygna's integration with the Global Travel Rule Alliance, which includes industry leaders like Binance. This milestone marks a significant leap in our mission to offer a secure, efficient, and unified regulatory compliance solution. It enriches our VASP network, bolstering our commitment to fostering a transparent and seamless compliance landscape. A hearty congratulations to all, as we set the bar higher for industry-wide collaboration.”
Be Part of Our Compliance Journey
We firmly believe that our journey towards creating a more secure and interoperable environment for VASPs is a collective one. We invite other VASPs and Travel Rule solution providers who share our vision, to join us in our journey and help shape the way forward for the industry.
To learn more or register, visit the Global Travel Rule Alliance's website at: https://www.globaltravelrule.com/en/home.
