All global crypto exchanges must now share client data, according to FATF rules

The Financial Action Task Force (FATF) has finalized its recommendations on regulating cryptocurrencies for its 37 member countries, according to breaking news from CoinDesk. These standards include a controversial requirement that “virtual asset service providers” (VASPs), including crypto exchanges, pass information about their customers to one another when transferring funds between firms. Under the new guidance published, the required information for each transfer includes:

(i) originator’s name (i.e., the sending customer);

(ii) originator’s account number where such an account is used to process the transaction (e.g., the VA wallet);

(iii) originator’s physical (geographical) address, or national identity number, or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;

(iv) beneficiary’s name;

and (v) beneficiary account number where such an account is used to process the transaction (e.g., the VA wallet).