Deal with Sunrise issue

Overcome the jurisdictional time differences in the Travel Rule implementation.

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.

In addition, Sumsub offers everything a VASP may need to introduce risk-based approach, including but not limited to:

  • Automated transaction processing and decision-making based on the risk score of the wallet address or VASP.
  • Automated transaction processing and decision-making based on the status of the VASP in Sumsub’s VASP list. For example, automated rejection of all transactions marked by Sumsub as suspicious.
  • Using Sumsub’s VASP score as an indicator of risk level for VASPs and determining the VASPs to interact with.
  • Setting up custom client lists containing unique identifiers for VASPs you do not want to interact with. For example, VASPs on the FCA warning list, or VASPs from certain jurisdictions.