No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home GRC Vendor News

Shyft Launches Veriscope to Help Crypto Exchanges Comply With Travel Rule

by Corporate Compliance Insights
April 13, 2022
in GRC Vendor News
shyft veriscope launch

Shyft Network has formally launched its new tool, Veriscope, designed to help cryptocurrency exchanges avoid the so-called “sunrise issue” as they seek to achieve compliance with slowly proliferating anti-money laundering rules.

For years, crypto exchanges have had to contend with the sunrise problem as it relates to the Financial Action Task Force (FATF) travel rule, which recommends that virtual asset service providers (VASPs) and other regulated industries provide details of counterparties in transactions valued at $1,000 or more.

While a survey in 2021 suggested that by the second quarter of 2022, most of the crypto industry would be compliant with the travel rule, the sunrise issue has persisted, as exchanges have worked toward travel rule adoption at varying times, meaning that not all counterparties in applicable transactions were in compliance with the rule as required.

Veriscope enables travel rule compliance while protecting customer data through a peer-to-peer data connection that does not store any personally identifiable information and uses encrypted communication, as well as providing for user consent for data sharing and storage to comply with GDPR regulations, Shyft said in a news release.

“The ‘sunrise issue’ is a complex problem, and only Veriscope has been able to solve it,” Malcolm Wright, head of Veriscope, said in the release. “Governments are deeply concerned about crypto’s use in illicit finance and sanctions evasion in particular — as they should be — and with Veriscope, we are able to offer an efficient, elegant compliance solution for the entire industry.”

Several major exchanges and liquidity providers have already adopted Veriscope as their travel rule solution, including Binance, Deribit, Tether, Huobi, MoonPay, Nexo, Gate.io, Bitfinex, LocalBitcoins, GSR, Galaxy Digital, Coinhako and BTSE Nogle.

“The tool takes a unique, decentralized approach to identifying counterparty exchanges solely from the crypto address. Because we don’t require any additional information from an exchange’s customers, we can rebuild travel rule data on historic transactions,” Shyft Network co-founder Joseph Weinberg said in the news release. “The result is that our client is in full compliance with the travel rule, and the customer experience is absolutely seamless, with no interruption to transactions, but offering bulletproof assurances of privacy and security of customer data.”


Tags: AMLCryptocurrency
Previous Post

Will Proposed SEC Cybersecurity Disclosure Rules Enhance Defenses or Hamper Responses? There’s Still Time to Assess and Comment.

Next Post

Q&A: Have You or Will You Be Sanctioned? How Will You Know? The Russia-Ukraine Conflict Introduces Remarkable and Continuously Evolving Risks

Corporate Compliance Insights

Corporate Compliance Insights

Corporate Compliance Insights

Related Posts

Phaxis 100 dollars

AML & KYC: Addressing Key Challenges for 2023 and Beyond

by Alex Roberto
March 16, 2023

(Sponsored) In today’s world, financial criminals are often a step ahead of regulators and financial institutions who struggle to effectively...

Paul Weiss Economic Sanctions and AML Developments 2022_f

Economic Sanctions and AML Developments

by Corporate Compliance Insights
March 15, 2023

Sanctions start high and stay high 2022 Year in Review Economic Sanctions and AML Developments What’s in this report from...

money laundering concept

It Takes a Village: Preventing FinCrime Means Everybody Needs Skin in the Game

by Samar Pratt
March 15, 2023

Banks bear the brunt of consequences for financial crimes amid a huge increase in anti-money laundering fines in 2022, making...

russia sanctions

Why Russian Sanctions Require Compliance Teams to Take a Fresh Look at KYC Procedures

by Rory Doyle
February 15, 2023

The Russian invasion of Ukraine continues with no signs of a resolution, and along with the protracted conflict, the U.S....

Next Post
Q&A: Have You or Will You Be Sanctioned? How Will You Know? The Russia-Ukraine Conflict Introduces Remarkable and Continuously Evolving Risks

Q&A: Have You or Will You Be Sanctioned? How Will You Know? The Russia-Ukraine Conflict Introduces Remarkable and Continuously Evolving Risks

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT