Revolut - Crypto TravelRule

[wellington]

FAFT requirement going live, FAFT pretty much at the behest of the US surveillance apparatus, whereas, the US is a money launders paradise with very little information shared internationally... rules based order et al,

What is the Travel Rule? The Travel Rule is a set of global standards that require financial institutions and virtual asset service providers (VASPs) to share information about the senders and recipients of virtual assets. This information can be used to track and trace virtual assets, to help to prevent money laundering, and terrorist financing. The Travel Rule is designed to make it more difficult for criminals to use cryptocurrencies or other virtual assets to launder money or finance terrorism. By sharing information about crypto transfers, we can help to build a more transparent and traceable system for tracking virtual assets.

What's changing? We'll request additional information when you withdraw to another crypto address, such as the name of the beneficiary. This information, plus your name (and in some cases, your address) will be exchanged with the provider you're withdrawing to, in order to trace the origins of transfers. This data will only be shared between the sending and receiving providers, and with no one else.

Is there anything else I need to do? You don't need to lift a finger. We're taking care of everything – you'll be able to keep trading your favourite crypto assets, make withdrawals, and deposit on Revolut as normal.

If you have any more questions you can check out our Travel Rule FAQ for additional information. — Team Revolut

 

[ecool]

We'll request additional information when you withdraw to another crypto address, such as the name of the beneficiary.

What if you say a random name? Will they match it with the other entity's KYC and reject the transaction if it doesn't match? So they will hold the transaction while they check this? Or will the other party transfer back the funds? Or will the money be lost?

 

[jafo]

What if I send crypto to a non-custodial address?
Some people won't know the difference between non-custodial vs. custodial.
What if John Smith tells me that address x109*** is his but really belongs to Mary Jane? How will I know?

So many questions...

 

[troubled soul]

What if I send crypto to a non-custodial address?
Some people won't know the difference between non-custodial vs. custodial.
What if John Smith tells me that address x109*** is his but really belongs to Mary Jane? How will I know?

So many questions...

This

 

[Sols]

What if you say a random name? Will they match it with the other entity's KYC and reject the transaction if it doesn't match?

They can.

So they will hold the transaction while they check this? Or will the other party transfer back the funds? Or will the money be lost?

Depends on the nature and severity of the breach (false information provided).

What if I send crypto to a non-custodial address?

Nothing will happen since there is no VASP to share the data with.

Some people won't know the difference between non-custodial vs. custodial.
What if John Smith tells me that address x109*** is his but really belongs to Mary Jane? How will I know?

That's not really what the rule is about. The travel rule is a way for VASPs to attach personal data to crypto wallets/addresses and then share that data if the recipient is another VASP.

 

[myhand]

It is going to be difficult for them to pursue this rule without making it even more complicated and ask for the other part (receiver) to be obligated to confirm to be true.

 

[JackAlabama]

What if I send crypto to a non-custodial address?
Some people won't know the difference between non-custodial vs. custodial.
What if John Smith tells me that address x109*** is his but really belongs to Mary Jane? How will I know?

So many questions...

They will come to the conclusion one day to sandbox the whole thing and not let withdrawals happen under any circumstance unless you are well connected to the oligarchy.

For now, Nothing happens.
These people of these non-elected global institutions bullying all countries around where even people from these amazing democracies cannot even vote on, making these weird and fd up rules are not the smartest bunch

 

[void]

They will come to the conclusion one day to sandbox the whole thing and not let withdrawals happen under any circumstance unless you are well connected to the oligarchy.

For now, Nothing happens.
These people of these non-elected global institutions bullying all countries around where even people from these amazing democracies cannot even vote on, making these weird and fd up rules are not the smartest bunch

I second that
not worth spending time on this meaningless bulls**t

 

[jafo]

They will come to the conclusion one day to sandbox the whole thing and not let withdrawals happen under any circumstance unless you are well connected to the oligarchy.

@void - So, just like banking now then?

Seriously, though. This is the smartest & realest thing I've read today. I needed to hear that!

For example, a client requested 5000 Huawei P60 Pro and some other Huawei products from me. We could only get our hands on 514 P60 Pros. The total of the sale is <$600K and banks/compliance officers lose their minds over this amount. I sent the money in USDt and in 90 minutes the payment was confirmed and the products were delivered to the freight forwarder of my client and ready to be shipped to my client.

What are banks trying to stop? It's a stupid phone with some peripherals for God's sake. I'm NOT selling a regulated product (e.g. Chinese vaccines) or a prohibited product (e.g. illegal recreational drugs from Colombia).

Why are the banks trying to hinder commerce? What am I missing here?

 

[JackAlabama]

@void - So, just like banking now then?

Seriously, though. This is the smartest & realest thing I've read today. I needed to hear that!

For example, a client requested 5000 Huawei P60 Pro and some other Huawei products from me. We could only get our hands on 514 P60 Pros. The total of the sale is <$600K and banks/compliance officers lose their minds over this amount. I sent the money in USDt and in 90 minutes the payment was confirmed and the products were delivered to the freight forwarder of my client and ready to be shipped to my client.

What are banks trying to stop? It's a stupid phone with some peripherals for God's sake. I'm NOT selling a regulated product (e.g. Chinese vaccines) or a prohibited product (e.g. illegal recreational drugs from Colombia).

Why are the banks trying to hinder commerce? What am I missing here?

Its very basic. Bank monkeys have to follow regulations which they do. *insert matching adjective here* gov people craft all kinds of nonsense regulation without even thinking since its not affecting them at all (they get fix salary anyway each month).

aml has been proven to not be effective, the whole charade has to be abolished.

 

[void]

Its very basic. Bank monkeys have to follow regulations which they do. *insert matching adjective here* gov people craft all kinds of nonsense regulation without even thinking since its not affecting them at all (they get fix salary anyway each month).

fucked up incentives -> fucked up world

 

[jafo]

Its very basic. Bank monkeys have to follow regulations which they do. *insert matching adjective here* gov people craft all kinds of nonsense regulation without even thinking since its not affecting them at all (they get fix salary anyway each month).

aml has been proven to not be effective, the whole charade has to be abolished.

fucked up incentives -> fucked up world

Thank you both for being grounded in reality! Sometimes, I think I am just an outlier but then come here and realize that others, probably smarter & better people, are experiencing the same BS I have to deal with. 2 thumbs up for you two!

Thank you both for sharing!