This document provides a customer-friendly explanation of the Travel Rule and how it may affect crypto transfers with Vield.
What is the Travel Rule?
The Travel Rule forms part of Australia’s AML/CTF framework and requires certain information about the sender and recipient of virtual asset transfers to be collected, verified and, where required, shared between regulated providers.
What information may Vield request?
Vield may request information relating to the originator, beneficiary, wallet ownership, source of funds, destination wallet and other information required to satisfy legal and regulatory obligations.
Will my transfer be delayed?
Transfers may be delayed while required information is collected, verified or assessed to satisfy AML/CTF obligations.
Can Vield refuse a transfer?
Vield may delay, suspend or refuse a transaction where required information has not been provided, cannot be verified, or where the transaction presents an unacceptable AML/CTF, sanctions or financial crime risk.
What about self-hosted wallets?
Vield may require customers to demonstrate ownership or control of a self-hosted wallet before certain transfers can be processed.
How is my information used?
Information collected for Travel Rule compliance is handled in accordance with Vield’s Privacy Policy, AML/CTF Program and applicable laws.
For more information on the Travel Rule and how it applies to VASPs, and other service providers in Australia, please refer to AUSTRAC’s guidance on Travel Rule here.