Travel Rule Code guidance and webinar published (Press Release)

The Isle of Man Financial Services Authority has published guidance to raise awareness and understanding of the new Travel Rule (Transfer of Virtual Assets) Code 2024.

The updated legislation came into operation on 28 October 2024 and ensures greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing.

A launch event took place in October for representatives of the Island's Virtual Asset Service Provider (VASP) sector. The presentation and Q&A session covered key aspects of the Travel Rule Code and what it means for industry, including the requirement to transfer and retain certain customer information when conducting virtual asset transactions.

The presentation slides are available to view on the Authority's website as part of a recorded webinar. New Travel Rule Code guidancehas been published, while the VASP sector guidancehas been updated to reflect the legislative amendments to the Island's AML/CFT framework. There will be a further update to the VASP sector guidance following the publication of the Island's revised National Risk Assessment in 2025.

The Authority wishes to thank industry representatives for their feedback and support, which has informed the development of the legislation and guidance. Any further comments or enquiries should be sent to [email protected]