As the FATF travel rules get implemented across the globe by the different regulatory organizations, on the other hand, these rules created gaps that need filling. For Shyft Network, the latter provided it with an opportunity to come in and help Virtual Asset Service Providers (VASPs) and regulators comply with the travel rules.
However, while Shyft Network has moved in to help VASPs and regulators work under the guidelines of the FATF, the blockchain firm itself also needs assistance. Now Shyft Network can boast of having the support it needs after two former employees of the FATF joined its advisory team.
The two are Josee Nadeau and Rick McDonell. McDonell was the head of FATF delegation in Canada, while Nadeau was the executive secretary of FATF. As former employees of the FATF, their extensive knowledge of FATF workings will be a game-changer for Shyft Network.
Former FATF Employees to be Shyft Network Bedrock
After the approval of the travel rules, the next step was implementation, and for that to happen, the FATF turned to independent agencies that form the list of its members. The agencies were granted the power to ensure all stakeholders under their jurisdiction comply with the FATF guidelines.
However, despite being handed a daunting task, the FATF made things harder by giving the agencies one year to ensure stakeholders adhere to the new guidelines. Failure to comply with the new FATF guidelines means one will be locked out of the international market. Although the time is short and failures are imminent, Shyft Network has come to the aid of stakeholders.
Through its data attestation infrastructure, database bridging, and identity pass porting solution, sharing of data would be easy for agencies.
Shyft Network solution is in place to ensure wide industry adoption to help authorities and VASPs easily share data.
The latter would help fulfill the FATF demands and help beat the deadline set. However, some don’t believe that the timeline given is enough to put across a solution that would help in sharing transnational data.
The dynamics of the sector make it hard to impose a new solution that fits well with the speed and swift market change, which lead to trades.
Although at the moment no member of the FATF has implemented the travel rules, implementation of new regulations is good for the sector.