Travel Rule Sample Clauses

Travel Rule. Of particular importance for cryptocurrencies, is the implementation of Recommenda- tion N. 16, which extends the so-called travel rule to VAs. It mandates that VASPs obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer to counterpart VASPs or financial institutions, either during the transaction or prior to it. By gathering this data, authorities can pinpoint suspicious behavior, such as funds transfers involving individuals or entities linked to criminal endeavors, and subse- quently undertake necessary measures to thwart or prosecute unlawful actions. Because the personal information of the parties involved in transactions accompanies their transfers, this regulation has been dubbed the “Travel Rule”. The FATF suggests8 that countries implement a de minimis threshold of 1,000 USD/EUR for VA transfers, while acknowledging that there would be relatively fewer requirements for VA transfers below this threshold compared to those above it. For VA transfers falling under the threshold, VASPs are required to gather: • The names of both the originator (sender) and the beneficiary (recipient) • The Virtual Asset (VA) wallet address for each transaction or a unique transac- tion reference number. Verification of such information is not obligatory unless suspicious circumstances re- lated to Money Laundering/Terrorist Financing (ML/TF) are observed, in which case customer information should be verified. For transfers surpassing the threshold, VASPs are obliged to collect: • Originator’s name • Originator’s account number for the account used to process the transaction (e.g., wallet address) • Originator’s physical (geographical) address; national identity number; customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution; or date and place of birth • Beneficiary’s name • Beneficiary’s account number for the account used to process the transaction (e.g., wallet address) 8. FATF (2022) Targeted Update on Implementation of the FATF Standards on Virtual Assets/VASPs, FATF, Paris, France, ▇▇▇▇▇://▇▇▇.▇▇▇▇-▇▇▇▇.▇▇▇/content/dam/fatf-gafi/guidance/Targeted-Update-Imple- mentation-FATF%20Standards-Virtual%20Assets-VASPs.pdf

Travel Rule. Financial institutions are required to collect and maintain information for domestic and international wire transfers. To facilitate compliance with the “Travel Rule”, Banco do Brasil may request identifying information for wire transfer requests such as information about the beneficiary and / or beneficiary’s bank. Please note that payment orders require beneficiaries’ address, which include their countries. In case a payment order is missing the beneficiary address or if this information is incomplete, the order could be returned and processed only upon receipt of required information. Banco do Brasil may also confirm the identity of an originator on a wire transfer instruction.

Travel Rule. As instituições financeiras são obrigadas a coletar e ▇▇▇▇▇▇ as informações de transferências eletrônicas internacionais e domésticas. Para facilitar o cumprimento da Travel Rule - “Regra de Viagem” - o Banco do Brasil poderá requisitar alguma informação para a identificação de solicitações de transferências eletrônicas, tal como a informação do beneficiário e/ou banco do beneficiário. Favor notar que é necessário o endereço completo do beneficiário, incluindo o seu país. Caso faltem estas informações ou estejam incompletas, o pedido de transferência poderá ser retornado e processado somente após o recebimento das informações requeridas.