Introduction to TRUST and SwissBorg
SwissBorg is proud to be a part of TRUST (Travel Rule Universal Solution Technology), a pioneering initiative in the crypto industry. This collaboration reflects our commitment to ensuring compliance with global regulations, while upholding our values of security and transparency.
The TRUST alliance is composed of a varied group of leading entities in the digital currency sector, including top-notch cryptocurrency exchanges, brokerage services, custodial solutions, and wallet providers.
Understanding the Travel Rule
The Travel Rule is a regulatory requirement, designed to make it harder for criminals to (ab)use cryptocurrencies and blockchain technology by providing greater transparency to transactions.
It requires crypto service providers to share (with the recipient only) basic customer information when crypto transactions are sent. As a key player in the crypto world, SwissBorg adheres to this rule to maintain transparency and trust in our operations.
Distributed Personal Data Storage
In the TRUST system, personal data is transmitted directly between members, ensuring end-to-end encryption. This method avoids the centralization of sensitive customer data, thereby reducing the risk of it being compromised or misused by unauthorized parties.
Proof of Ownership Verification
TRUST employs a verification process where the recipient service provider must cryptographically confirm its ownership of the crypto address in question before any customer data is shared. This step ensures that information is accurately exchanged between the correct parties and no one else.
Follow Security and Privacy Standards and Best Practices
To join TRUST, members must fulfil essential criteria related to anti-money laundering (AML), as well as security and privacy standards. To aid in this compliance, TRUST collaborates with Exiger, a company specialised in technology-driven compliance and risk-management solutions. It goes without saying that SwissBorg passed the Exiger audit successfully.
SwissBorg's Compliance with TRUST
At SwissBorg, we leverage TRUST's innovative framework to share necessary transaction information securely. Our approach ensures the protection of customer data while adhering to regulatory requirements, striking a balance between compliance and privacy.
Global Reach of TRUST in SwissBorg's Operations
Through TRUST, SwissBorg extends its compliance and security measures globally. This alliance helps us to offer our services across various jurisdictions while maintaining the highest standards of regulatory compliance.
SwissBorg's Commitment to Regulatory Compliance and Security
Our involvement with TRUST underlines our dedication to regulatory compliance and security. We continuously update and improve our practices in order to align with the evolving landscape of global financial regulations.