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Public blockchain protocol Shyft Network has announced that former members of the Financial Action Task Force (FATF) have joined its advisory team, Cointelegraph reported.
As per the report, Josee Nadeau, former head of the Canadian delegation to the FATF, and Rick McDonell, former FATF executive secretary, are the latest to join Shyft’s board of advisors.
With FATF Travel Rule Compliance Solution being one of the key areas of focus for Shyft, the company is poised to significantly benefit from the experience of Nadeau and McDonell.
In June this year, the FATF issued its guidance that states that Virtual Asset Service Providers (VASPs) are required to collect, hold, and transfer information about the identity of the originator and beneficiary involved in any transaction.
To ensure compliance with this so-called “travel rule,” Shyft Network has partnered with several leading cryptocurrency exchanges to implement an industry-wide solution using its database bridging and data attestation infrastructure.
“Working with VASPs gives Shyft Network access to millions of cryptocurrency users who will be onboarded to the Shyft user-facing portal through these partnerships,” Shyft said in an online post, adding that the collaboration is focused on creating “a system for passporting KYC information across all participants that must comply with global KYC requirements.”
Earlier this month, the government of Bermuda teamed with Shyft Network to develop a blockchain-based national identity system. Shyft will handle the underlying blockchain technology of the identity system.
