Travel Rule Blog Post

Travel Rule In Place at hi

In accordance with the FATF’s Travel Rule update, hi has implemented corresponding measures as recommended for the purposes of compliance and security. 

The Travel Rule is a vital crypto regulation that helps maintain the safety and compliance of cryptocurrency platforms. It aims to curb any terrorist financing, block payments to sanctioned individuals/entities, support the reporting of suspicious activities, and prevent the laundering of crypto assets.

A Member of the VerifyVASP Alliance

As always, hi maintains high standards for security and compliance to ensure the protection of our ecosystem and its members. 

hi is a member of the VerifyVASP Alliance, a Regulatory Technology Solutions Provider. With the Travel Rule going into effect, hi has ensured that it adheres to the international Travel Rule requirements. Only trusted and credible Virtual Asset Service Providers (VASPs) who pass the comprehensive due-diligence processes are admitted by the RegTech expert. 

🔍 Read More: hi joins the VerifyVASP Alliance

Information Required

The Travel Rule applies to banks and crypto companies located in FATF-member countries, such as the USA, UK, Switzerland, Singapore, and more.

The actual implementation of the Rule for each jurisdiction varies. Hence, at hi, we will carry through the required updates gradually and timely to ensure smooth implementation on a global scale. 

As the Travel Rule takes effect, members are required to provide additional information in order to process withdrawals. 

For withdrawals to another beneficiary, you’ll need to provide details including the beneficiary name and the platform to receive funds. 

If you’re sending funds to your other wallet instead of another beneficiary, the withdrawal process remains the same as before. No extra information is required. 

The withdrawal setting has been updated as below:

ICYMI What’s the Travel Rule in Crypto?

Financial Action Task Force (FATF)’s Recommendation 16, aka the Travel Rule, obliges banks and payment companies to store information that “travels” between payers and recipients and make it available to authorities. 

It requires banks to share customer information with any VASP involved in trading or transmitting virtual currencies if the transactions go over a certain threshold of 1,000 EUR/USD. 

Though recommendation 16 was originally developed specifically for wire transfers, this was later extended to cover virtual asset transfers as well. 

🔍 Read More: Your Ultimate Guide to Travel Rule in Crypto

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