Travel Rule Compliance Guide

Announcements Travel Rule Compliance Guide

2024-03-27 12:18:38 UTC 3585 Read

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### Travel Rule Introduction
In June 2019, the Financial Action Task Force (FATF) revised Recommendation 16, commonly known as the Travel Rule, to include Virtual Asset Service Providers (VASPs) alongside traditional financial institutions. This amendment requires VASPs to adhere to the same wire transfer requirements as banks, specifically in the collection and transmission of personal identity information for both senders and recipients during transactions, harmonizing the compliance obligations for both traditional financial institutions and VASPs. When transferring crypto assets above a certain threshold, VASPs must record and share details such as names, addresses, account numbers, and the nature of the transaction, in line with varying regulatory requirements across jurisdictions. The Travel Rule's primary objective is to standardize anti-money laundering (AML) and counter-financing of terrorism (CFT) practices within the cryptocurrency sector, thereby curbing illicit activities such as money laundering and terrorism financing.

Gate.io is fully committed to complying with the Travel Rule, and is progressively taking steps to integrate these regulations into our operations.  As part of this commitment, there may be instances where we'll need to request additional information from our users, such as the name and address of the recipient, during asset transfers to ensure adherence to regulatory standards.

### Operational Guide
**Web**
1.If more information is needed during coin withdrawals, the system will indicate that withdrawals are permitted only to addresses listed in your address book. Therefore, you need to include your intended withdrawal address in the address book to proceed.
<img src="https://gimg2.gateimg.com/image/article/17115416511.png" alt="" width="800"  />

2.Adding a withdrawal address: If your funds are being transferred to a specified exchange, you will be required to supply additional personal details of the recipient. For withdrawals directed to a private wallet or an exchange that isn't included on the designated list, you should choose the "Others" option.
<img src="https://gimg2.gateimg.com/image/article/17115416752.png" alt="" width="800"  />
<img src="https://gimg2.gateimg.com/image/article/17115416983.png" alt="" width="800"  />

3.Once you have saved the withdrawal address to your address book, you may select it to finalize your withdrawal transaction, but this is only possible if the address is indicated as "Available."
**Note: **Please be aware that if an address is labeled "Unavailable" in your address book, you can rectify this by submitting the required information about the receiving exchange and the recipient's name. Upon providing this information, the status of the address will be updated to "Available," allowing you to proceed with your withdrawal.
<img src="https://gimg2.gateimg.com/image/article/17115417194.png" alt="" width="800"  />

**APP**
1.If more information is needed during coin withdrawals, the system will indicate that withdrawals are permitted only to addresses listed in your address book. Therefore, you need to include your intended withdrawal address in the address book to proceed.
<img src="https://gimg2.gateimg.com/image/article/17115417475.png" alt="" width="500"  />

3.Once you have saved the withdrawal address to your address book, you may select it to finalize your withdrawal transaction, but this is only possible if the address is indicated as "Available."
Note: Please be aware that if an address is labeled "Unavailable" in your address book, you can rectify this by submitting the required information about the receiving exchange and the recipient's name. Upon providing this information, the status of the address will be updated to "Available," allowing you to proceed with your withdrawal.
<img src="https://gimg2.gateimg.com/image/article/17115417897.png" alt="" width="500"  />

### FAQ
**Q: How does the Travel Rule affect platform users?**
Answer: The Travel Rule can impact platform users under particular business situations. For example, in certain scenarios, it may require users to add their withdrawal addresses to an address book. Or, users might need to provide supplementary information to update an existing withdrawal address, in order to comply with the Travel Rule.

**Q: What information will be required from users when withdrawing (transferring) coins?**
Answer: You will be required to supply the recipient's name and details regarding the receiving address, which may include the name of the recipient's exchange, among other information. Furthermore, to fulfill necessary compliance standards, we may request other supplementary information.

**Q: Do I need to provide withdrawal information every time I withdraw?**
Answer:  No, once a withdrawal address has been added to your address book and utilized for a successful withdrawal, you can reuse the same address for future withdrawals without the need to provide additional information each time.

**Q: What happens if the information for a withdrawal address I entered is wrong?**
Answer:  If there is an error in the details entered for a withdrawal address in the address book, you will receive a "Withdrawal Address / Name of recipient error" prompt. In this case, it's important to review and verify that the withdrawal address, the exchange for withdrawal, the name of the recipient, and any other related information are correct. 
<img src="https://gimg2.gateimg.com/image/article/17115418628.png" alt="" width="800"  />

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