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United Kingdom jurisdictional rules
United Kingdom jurisdictional rules
C
Written by Catarina Veloso
Updated over a year ago

In the UK, Travel Rule requirements are set forth in the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 ("Regulations")

Threshold

Amount

Currency

Source

1,000

EUR

Section 64C(4) of the Regulations

Required Originator and Beneficiary information vs Notabene system

Party to the TX

Required information (*)

IVMS field

Required < Threshold? (**)

Required > Threshold? (**)

Originator

Name

name

Yes

Yes

Originator

Account number

accountNumber

Yes

Yes

Originator

Address

geographicAddress

No

OR

Originator

Birth certificate number / passport number / national identity number

nationalIdentification

No

OR

Originator

Customer identification number

customerIdentification

No

OR

Originator

Date and place of birth

dateAndPlaceOfBirth

No

OR

Beneficiary

Name

name

Yes

Yes

Beneficiary

Virtual asset account number

accountNumber

Yes

Yes

(*) According to Sections 64C(5) and 64C(6) of the Regulations

(**) YES = Required ; OR = Alternative fields

NOTE: The UK requirements differ between domestic and cross-border transactions. Currently, our validation only takes into account the transaction amount as documented ABOVE. Hence, when the transaction is above 1,000 EUR, UK VASPs are required to provide additional information about the originator customer, regardless of the jurisdiction of the counterparty VASP. When the Beneficiary is a global VASP with several subsidiaries, it is often not possible to discover the specific jurisdiction of the entity that is receiving the transaction at the time the travel rule transfer is created. So, for simplicity, currently, the system treats all transactions as if they were international.

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