Regulatory Impact Assessment — FATF Travel Rule Amendment

In ProgressStep 3 of 5

Started 7 Aug 2026, 09:00 · Est. completion 11 Aug 2026 · Triggered by regulatory change feed

Rachel Kumar, Compliance Officer

Process Timeline

Regulatory Change Identification

07 Aug, 09:00 – 09:03 (2m 44s)

Parsed FATF revised Recommendation 16 publication. Extracted key changes: lowered de minimis threshold ($1,000 → $250), VASP coverage extension, enhanced beneficiary data requirements.

3 regulatory source documents

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Internal Policy Mapping

07 Aug, 09:03 – 09:12 (8m 56s)

Scanned all 47 internal compliance policies. Identified 3 policies with direct impact, 2 with indirect impact. Mapped specific affected sections.

47 policies scanned, 5 flagged

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3 directly affected: CB-POL-004 (wire transfer info), CB-POL-007 (correspondent DD), CB-POL-012 (sanctions screening). 2 indirectly affected: AML-POL-002 (transaction monitoring thresholds), KYC-POL-008 (VASP customer onboarding).

Policy Gap Analysis

07 Aug, 09:12 – ongoing

Analyzing each affected policy section against new regulatory requirements. Identifying specific language gaps, missing provisions, and conflicts.

Gap analysis 60% complete — 3 of 5 policies analyzed

Compliance officer review at completion

Remediation Recommendation

Draft specific policy amendments, implementation timeline, and resource requirements for each identified gap.

Compliance officer approval required

Stakeholder Communication Package

Generate impact summary for senior management, board risk committee briefing, and implementation project plan.

Sign-off required before distribution

Step 3: Policy Gap Analysis

In Progress

What the agent is doing

Performing clause-by-clause comparison between current policy language and new FATF Recommendation 16 requirements to identify gaps, conflicts, and missing provisions.

Analysis Progress

CB-POL-004 (Wire Transfer Info) — 4 gaps identified

CB-POL-007 (Correspondent DD) — 2 gaps identified

CB-POL-012 (Sanctions Screening) — 2 gaps identified

AML-POL-002 (Transaction Monitoring) — analysis in progress

KYC-POL-008 (VASP Onboarding) — queued

Gaps Found So Far

Policy	Sec.	Gap Description	Sev.
CB-POL-004	4.2	Threshold references $1,000 — must update to $250	High
CB-POL-004	4.5	No VASP transfer provisions exist	High
CB-POL-004	4.3	Beneficiary data fields incomplete per revised R.16	Medium
CB-POL-004	4.7	No cross-border VASP routing requirements	Medium
CB-POL-007	3.1	No VASP-related respondent DD criteria	High
CB-POL-007	3.4	Monitoring thresholds not aligned to $250	Medium
CB-POL-012	2.3	Screening scope excludes new beneficiary fields	Medium
CB-POL-012	2.5	No VASP-specific screening rules	Medium

Governance Checkpoint

Compliance Officer Review at Completion

Full gap analysis report will require compliance officer review and prioritization before remediation recommendations are generated in Step 4.

Four Pillars

Meaning: Travel rule → FATF Recommendation 16 (revised June 2026). De minimis → threshold below which reduced information requirements apply.

Process: Step 3 of 5 per regulatory impact workflow REG-WF-003

Evidence: 47 policies scanned, 3 regulatory sources, 8 gaps documented

Record: EB-2026-0807-04651-S3 · 09:12:33Z