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Travel Rule Compliance Still Breaks at the Border, Survey Finds

Originator data is being collected. Getting it to arrive intact at a counterparty in another jurisdiction remains the failure point.

Senior Policy Editor1 min read

Compliance teams at exchanges report high rates of originator and beneficiary data capture domestically, but sharply lower rates of successful transmission when the receiving institution sits in a jurisdiction using a different messaging protocol.

The Financial Action Task Force standard specifies what information must travel with a transfer, not how it should be formatted or transported. Competing protocol implementations have filled that gap and do not fully interoperate.

The practical result is a queue of transfers held for manual review. Several firms said the review backlog, not the underlying screening, is now their largest AML operational cost.

Regulators are aware. A push toward a common message schema is under discussion at standards bodies, though nothing binding is expected before next year's plenary cycle.

  • travel rule
  • AML
  • compliance
  • FATF

About the author

Julian Thorne — Julian Thorne leads MyBunnyFarm's coverage of financial regulation, central bank digital currency programmes and cross-border enforcement. He has covered European financial rulemaking for eleven years, including the full passage of MiCA, and reads consultation papers so readers do not have to.

Senior Policy Editor · Brussels, Belgium · More from Julian Thorne

Corrections to this report: corrections desk. Nothing in this article is investment advice.

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