Cision PR Newswire

Top industry experts share their guidance on the Travel Rule in a comprehensive online learning course aimed at crypto professionals

LONDON, Oct. 3, 2024 /PRNewswire/ -- Today, Sumsub, a global full-cycle verification and ongoing monitoring platform, announces the start of a comprehensive Travel Rule educational course designed to provide VASPs (Virtual Asset Service Providers) and compliance specialists in the crypto industry with the latest changes in regulations, technical standards, and business processes related to the Travel Rule.

VASPs are under increasing regulatory pressure to comply with the Travel Rule, or FATF's Recommendation 16, to ensure their businesses operate legally. The Travel Rule, which requires the exchange of sender and recipient information in virtual asset transfers, has become a crypto industry standard. While it has already been implemented in countries like the US, the UK, Canada, South Korea, Japan, Singapore, Hong Kong, the UAE, Germany, and Switzerland, and will soon be enacted in the EU, there are still significant knowledge gaps and implementation challenges in various regions around the world.

The course starts on October 3, and within a month it will provide structured guidance and practical insights from a diverse group of crypto industry experts and compliance professionals, offering a customizable approach to navigate the regulatory landscape. The course is designed to educate VASPs, compliance managers, risk officers and crypto specialists on the Travel Rule and help them implement effective compliance measures, mitigate risks, and adapt to regulatory changes – covering any jurisdiction they may operate in.

The free course offers a thorough understanding of the Travel Rule and its compliance requirements, highlighting Sumsub fully interoperable Travel Rule solution's capabilities in addressing these needs. Participants will obtain digital certificates upon completing the course, which is perfect for those who'd like to:

• Gain real-world experience and advanced knowledge from industry experts;
• Increase their individual potential for career growth in risk management and regulatory roles;
• Identify measures needed to protect the reputation of their company and attract partners and clients valuing ethical business practices;
• Obtain a thorough understanding of Travel Rule requirements across multiple jurisdictions to ensure global compliance;
• Recognize and mitigate risks associated with non-compliance;
• Gain insights into the Travel Rule implementation strategy, including selecting the protocol or solution that best fits their needs;
• Adapt to regulatory changes through online training and education.

"With the crypto industry developing so fast and integrating more deeply with the global financial system, following the Travel Rule recommendations is key to maintaining trust in this dynamic sector, and staying compliant with the evolving crypto regulations is crucial for thwarting fraud and preventing money laundering", explains Ilya Brovin, Chief Growth Officer at Sumsub. "As leaders in providing crypto Travel Rule compliance, we are excited to share first-hand expertise with the community. This new training course can help VASPs educate their teams on the Travel Rule, empowering them with clear guidelines and strategies to streamline the compliance processes and ensure uninterrupted business operations."

Professionals looking to extend their knowledge can register for the Travel Rule Course here (for free): https://sumsub.com/courses/sumsub-learning-center-travel-rule-compliance-course/

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

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SOURCE Sumsub