<p>CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has <a href="https://www.digitaltoday.co.kr/news/articleView.html?idxno&#61;495286" rel="noopener noreferrer nofollow">obtained the ISO 37301</a> certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).</p><h2 id="header-0">Boosting compliance</h2><p>ISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.</p><p>CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.</p><p>The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.</p><p>CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.</p><p>“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.</p><h2 id="header-1">Contributing to anti-money laundering</h2><p>CODE has also recently <a href="https://medium.com/&#64;coinness.gl/elliptic-and-code-join-forces-to-propel-crypto-compliance-in-korea-314e454f4d5e" rel="noopener noreferrer nofollow">teamed up</a> with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.</p>

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certification

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Alte articole publicate pe 22 nov. 2023

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