Deal with Sunrise issue

Cryptocurrency exchanges and other virtual asset service providers are now working on solutions to comply with the Travel Rule, such as implementing identity verification processes and information-sharing protocols.

However, they are implementing their AML/CFT frameworks at a different pace. As a result, some jurisdictions require their VASPs to comply with the Travel Rule before others.

This creates a challenge for VASPs when determining what approach to deal with VASPs in jurisdictions where the Travel Rule is not yet in force.

The FATF specifies that, regardless of the lack of regulation in a Beneficiary’s jurisdiction, originating entities can require Travel Rule compliance from Beneficiaries by contract or business practice.

Sumsub allows its clients to verify non-Travel Rule eligible transaction by contacting a counterparty VASP via a secure data exchange protocol or via an Email Notification (for the VASPs that are not in any of the supported networks).

Sumsub may also provide a free Account to exchange required data if the counterparty is ready to transfer/receive data.

Apart from that, Sumsub performs counterparty VASP due diligence via its partners to determine potential risks posed by the target VASP and help its clients decide whether to transact with a specific VASP.