Two Former FATF Members Join Shyft To Enhance Its Crypto Compliance Service For Exchanges
The Shyft Network has recently called former members of the Financial Action Task Force (FATF) to join its advisory team. According to the latest press release sent out to the media, the network would add two people to the team: Rick McDonell and Josee Nadeau. While McDonell was the executive secretary of the institution, Nadeau was the former head of the Canadian based team.
These can be considered important additions as the FATF is an international organization with a considerable amount of power to regulate organizations, even though it does it in an indirect way. It does not have the power to directly regulate companies and enforce sanctions by itself, but it can set up guidelines that national regulators should follow.
For instance, it was the FATF that started the travel rule, a guideline that is set to require regulators to use other companies to collect and share data regarding transactions. Any company that would not be compliant with this could be shut out of international markets. By hiring people from the agency, the Shyft Network has experts who understand a lot about regulations on its side.
Shyft operates a digital identity protocol that is focused on public and private blockchains. At the moment, the company is working hard on creating a solution that will help the citizens of Bermuda.
Some months ago, Shyft teamed up with CipherTrace to start a project that would help crypto exchanges comply with the travel rule from the FATF. Having help from the people who helped to create the rule will certainly come in handy for devising future solutions.