The Essential Check and Extended Essential Check are part of the VASP attribution procedure applied to Sumsub clients and their counterparties that are members of the Sumsub Travel Rule Ecosystem.

Attribution and checks are intended to ensure the VASP’s reliability and assess the prospects and risks of future virtual asset transfers:

• The Essential Check is conducted solely based on the data from the blockchain analytics providers.
• The Extended Essential Check is conducted by Sumsub based on the information obtained from its multiple data partners.

How Essential Check and Extended Essential Check work

Sumsub uses Crystal Blockchain, MerkleScience, Elliptic, and/or Chainalysis to receive information about the counterparty and the risk it may pose.

Essential Check

Essential Check assumes Sumsub receives information about a VASP regulatory status (licensed exchange, unlicensed exchange, payment processor, and so on) from a data partner and assigns a corresponding label (red, green, or yellow) that represents the associated risk.

Potentially risky entities include:

• Entities under enforcement action (with the authority and date of enforcement action).
• Sanctioned entities (with the date and sanctioning authority).
• Entities with fraudulent patterns (with the indication of the source).

According to the data partners, all information about the entities is lawfully obtained from existing public sources (namely, VASPs' websites, country registries, public VASP aggregators, OpenCorporates, and so on).

When the data partner labels a VASP as "fraudulent", they manually verify and double-check the information before assigning the label and cross-check all warnings and indictments with authorities.

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Note

Sumsub does not re-verify the information provided by the data partner and cannot be held liable for its accuracy.

Extended Essential Check

The Extended Essential Check assumes that Sumsub receives the information about the entity from its data partners and automatically generates the EEC Report that is displayed in the Dashboard.

The EEC Report is based on and contains the following information:

• Company legal name and trade name (if available).
• Company’s registry code or registration number.
• Company status (Active/Dormant).
• Company type (Ltd, LLC, and so on).
• Control structure status (established/not established).
• Nature of business (SIC).
• Incorporation jurisdiction.
• Incorporation date.
• Registration date.
• Address.
• AML and Sanctions screening for the company and UBO(s)/director(s) (it includes PEPs checks, checks against sanctions lists, warning lists, and adverse media).
• Counterparty risk label.
• VASP score.

Get started with Essential Check and Extended Essential Check

The Essential Check and Extended Essential Check are available to any VASP wishing to join the Sumsub Ecosystem.

All checks are conducted via the Dashboard:

To join the ecosystem:

1. Fill in and submit the registration form. Completing this form is a prerequisite to joining the Sumsub Ecosystem. You may get this link either from your Customer Success Manager (for Sumsub clients) or via email (for non-Sumsub clients).
2. Sumsub will automatically evaluate your VASP based on the data provided.
3. In case your VASP is automatically rejected, Sumsub will review the reasons for rejection on a case-by-case basis.

Upon completion of the procedure, your VASP will get the EEC status and will be added to the Sumsub VASPs list.

Review results

You can view the EEC statuses and reports of your counterparties in the VASP list available to all ecosystem members.

Essential Check labels

Sumsub data partners use the following labels:

Extended Essential Check score

The VASP Score contained in the EEC Report is calculated based on the information provided by the data partners.

To learn more about the VASP score, refer to this article.