An independent one-off test of your Travel Rule controls for certified assurance that your system is performing as regulators expect.
The benefits of TRACE
AML Analytics now offers TRACE, an independent, one-off certification solution for the FATF Travel Rule. Each certification is carefully built around your jurisdictions, thresholds and payment corridors, and exercises both your inbound (Beneficiary) and outbound (Originator) controls against the IVMS101 data standard, ensuring relevance and regulatory alignment.
Our certification methodology uses synthetic data only. Nothing generated by TRACE ever touches your live production environment, and it requires neither the installation of any software nor any IT integration with a customer’s systems so that there will never be any data protection issues. AML Analytics is an independent provider of financial crime compliance testing technologies with no affinity to any Travel Rule solution provider or messaging network.
- Certify your Travel Rule solution against FATF Recommendation 16
- One-off, independent certification of Originator and Beneficiary controls
- Validate IVMS101 message handling using synthetic data only
- Address regulatory concerns on Travel Rule compliance integrity
- Minimise an entity’s exposure to AML/CFT risk
- Trusted, evidence-based certification reporting for global regulators
An independent Travel Rule certification
Certification will ensure that the effectiveness of a Travel Rule solution is fully understood using a test containing valid and invalid records.
Valid records are correctly formed IVMS101 messages that a compliant system should accept, whereas invalid records carry deliberately introduced defects — missing names, empty identifiers, over-long fields, invalid country codes and bad dates — in order to rigorously verify whether your system detects each problem and responds for the right reason.
Every record is sent across a matrix of scenarios — natural and legal persons, payment values below, at and above the applicable threshold, and domestic and cross-border transfers — and every response is recorded as either an expected or an unexpected outcome.
Regulatory expectation
Compliance isn’t proven until it’s independently certified. Regulatory reviews happen periodically, using the regulator’s own methodology and expectations at that point in time. Between reviews, firms often believe their Travel Rule solution is compliant without evidence of where it performs as expected and where it would fail.
We supply TRACE certifications to assist financial institutions, virtual asset service providers and payment firms with the independent validation of a Travel Rule solution, which can be used to evidence compliance to supervisors and auditors and to help you prepare for regulatory review. The certification methodology is aligned to FATF Recommendation 16 and is independent of any Travel Rule solution vendor or messaging network.
Understanding your results
View your test results in the TRACE Certification Report and see at a glance the proportion of test records handled as expected, together with the number of distinct issues identified. Rather than presenting a single blended score, TRACE separates each problem into its own finding and guides you step by step through the evidence: whether a failure depends on the value of the payment, the type of customer or the counterpart jurisdiction, and whether it is systemic, conditional or intermittent.
Every finding drills down to the individual test records that were sent, in granular level detail, as expected by regulators — giving your compliance and technology teams, or your Travel Rule solution vendor, objective, vendor-neutral evidence to action.
Ready to talk?
Don’t hesitate to reach out to us.
info@aml-analytics.com
+44 (0) 1264 889 339
Our solutions
Cutting-edge RegTech and SupTech testing, validation and risk assessment solutions for financial institutions and regulatory authorities.