Seoul University of Foreign Studies acquires a patent on how to solve virtual asset travel rules

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[Blockchain Today Correspondent Kim So-yeon] Seoul University of Foreign Studies’ AI Blockchain Research Institute (Director, Professor Geun-duk Park) received a patent (a user identity sharing system using a distributed ledger technology security platform for virtual asset service) from the Korean Intellectual Property Office on October 14th. Registration number: 10-2315258) was acquired on the 26th.

The International Anti-Money Laundering Organization (FATF, The Financial Action Task Force) has imposed anti-money laundering obligations on virtual asset operators (hereinafter referred to as operators) through the virtual asset-related anti-money laundering guidelines announced in June 2019. In Korea, the ‘Act on the Reporting and Use of Specific Financial Transaction Information (Special Provisions Act)’, amended to reflect the FATF guidelines, has been in effect since last March. When remittance, the identity information of the customer (sender and recipient) must be checked and, if necessary, reported to the financial authorities (aka: Travel Rule). However, in the case of cross-border remittances, there is no technical means to verify the identity of the recipient.

This patent is a blockchain-based service model that can verify the identity information of cross-border remittances and recipients so that businesses can comply with CDD (Customer Due Diligence) and implement anti-money laundering, as well as the necessary data standards and Since the security protocol is included as the main technology, it is characterized by superior scalability and security compared to the existing centralized system.

Professor Geun-Duk Park of Seoul University of Foreign Studies’ AI Blockchain Research Institute said that global operators can implement virtual asset travel rules by using this patented technology, and in the process of processing identity information including customers’ personal information, GDPR, privacy laws, etc.) can be complied with. In addition, as the TTA information and communication organization standard (task number: 2020-0028, distributed ledger technology-based remittance user identification service model) reflecting this patented technology will be enacted and distributed in December of this year, domestic operators will develop and build a travel rule solution. He explained that city standard technology can be used and that it will be promoted as an international standard such as ITU-T in the future.

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