Terminology

Explanation of terms related to the Travel Rule.

TermDefinition
Anonymous TransferFrom the perspective of the receiving VASP, an anonymous transfer refers to a transaction where the Travel Rule data is missing, making it impossible to identify the sender. Using Code’s 'Search VASP by TXID' feature, the sender and originating VASP can be traced through reverse lookup, ensuring compliance and transparency.
FATFThe FATF is the most extensive and influential international organization established to prevent money laundering and terrorist financing. It sets guidelines, including the Travel Rule, that influence laws worldwide.
Sunrise IssueJust as the sun rises at different times across countries, the timing and intensity of regulatory enforcement also vary, creating potential challenges. A 'sunrise issue' refers to situations where regulations come into effect at different times in different jurisdictions. In such cases, it is crucial to follow the stricter regulation to prevent confusion and ensure compliance across borders.
Travel RuleCommonly referred to as FATF Recommendation 16, this mandate requires the verification and recording of sender and receiver information during asset transfers to prevent money laundering.
IVMS101Messaging standard for information exchange between VASPs. nCODE provides separate explanations at IVMS101 Type and IVMS101 Required Fields , IVMS 101 Names pages.