The global Financial Action Task Force (FATF) has updated its guidance for the so-called 'travel rule', which requires large wire transfer payments to be accompanied by accurate information on senders and receivers, and frozen if the information is absent. The rule, FATF’s Recommendation 16, now applies to entities that handle virtual assets, which will have an impact on businesses dealing in Bitcoin and privacy-preserving crypto-assets such as Monero, says law firm Mishcon de Reya. However, the expanded rule does not apply to over-the-counter transfers without use of an intermediary...