Travel Rule

The Crypto Travel Rule (FATF Recommendation 16) is a global AML/CFT standard.

It requires regulated entities to collect and transmit originator/beneficiary data for virtual asset transfers.

When it applies (high level)

• Applies when you operate as a VASP or integrate with VASPs.
• Applies to virtual asset transfers. It may also impact fiat rails via partners.
• Requirements vary by jurisdiction and by transfer amount thresholds.

Optional “Travel Rule mode” (account-level)

In wEX, Travel Rule support can be exposed as an optional account feature for users who want it.

• Opt-in accounts can provide the extra identity fields needed for VASP-to-VASP data exchange.
• This can unlock trading with regulated counterparties and partner rails.
• Non-opt-in accounts can keep a lighter privacy profile, where legally allowed.

What it requires (high level)

• Collect originator + beneficiary identity details.
• Share the required fields with the counterparty VASP before or during the transfer.
• Run sanctions screening and suspicious activity monitoring.
• Retain records.

Full breakdown (including the common 1,000 USD/EUR threshold): VASP.