Industry Bodies Publish New Messaging Standard for Virtual Assets

The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.

A new messaging standard, known as IVMS101, has been developed for cryptocurrency firms, in response to incoming AML requirements.

In June 2019, the FATF (Financial Action Task Force) adopted changes to its Recommendations to explicitly require virtual asset service providers (VASPs) to gather and transfer information pertaining to the originator name, originator account (wallet) number, originator’s location information, beneficiary name and beneficiary account (wallet) number – known as the ‘travel rule’.

The FATF had said it would monitor implementation of the new requirements by countries and service providers and conduct a 12-month review in June 2020.

To enable VASPs to adopt uniform approaches to meeting the new obligations, a joint working group on interVASP Messaging Standards was established in December 2019 by three industry bodies – the Chamber of Digital Commerce, GDF (Global Digital Finance) and IDAXA (International Digital Asset Exchange Association).

Comprising over 130 technical experts from around the world, the working group developed ‘interVASP Messaging Standard IVMS101’, a universal common language for communication of required originator and beneficiary information between VASPs.

Proposals for the maintenance of the IVMS101 and for further standards development are currently being evaluated.

The standard is available for download here.

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