Sumsub’s Travel Rule checks are part of the comprehensive Transaction Monitoring solution that lets crypto businesses that send or receive virtual asset (VA) transfers on behalf of a customer easily comply with the Financial Action Task Force (FATF) requirements and ensure that transactions are fraud-free.

Once you implement the solution, you will be able to:

• Send, request, and receive data related to transaction counterparties.
• AML-screen both the originator and the beneficiary of the transaction on an ongoing basis.
• Cross-check the information on their accounts and the submitted info.
• Protect your business from money laundering and secure every step of the user journey,
• Make informed decisions to prevent account takeover, transactions to blacklisted VASPs, and so on based on analyzing user behavior patterns, transaction details, and other signals.
• Generate reports for the regulators in a few clicks.

Set up Travel Rule

To get started with Travel Rule:

1. In the Dashboard, open the Rules Library page, select the Travel Rule bundle, and install the rules. We recommend installing all rules available in the bundle, as it is the quickest and easiest way to cover all of the check steps.
2. Open the Rules page and enable the installed rules.
3. Create Travel Rule transactions and review results.
4. Handle transaction scenarios.

Create Travel Rule transactions

You can create Travel Rule transactions in the Dashboard using a convenient constructor or with the help of the API methods.

Use Dashboard

To produce a Travel Rule transaction in the Dashboard:

1. Go to the Transactions page.
2. Click Create transaction manually.
3. Select the No applicant (Travel Rule only) checkbox.
4. Specify transaction information, such as the transaction amount, asset, and transaction hash.
5. Specify originator and beneficiary information.
6. Set the custom transaction date by selecting the associated checkbox if necessary.
7. Click Create transaction.

Use API

To produce a Travel Rule transaction via API, send a single transaction or upload transactions in bulk having the type field set to travelRule.

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Tip

To learn more on how to form a transaction request, see Transaction scenarios and Travel Rule transactions.

Results and compliance workflow

Sumsub Queues let you put suspicious or borderline transaction monitoring cases on hold and assign a human compliance officer to review them. A queue can be set up based on the applied rules or the transaction risk score, allowing you to manage the entire compliance process in one place.

Transaction statuses

The following is a list of possible transaction statuses along with their description:

Join as beneficiary VASP

For due diligence purposes, Sumsub has built an ecosystem that helps VASPs carry out counterparty VASP verification, which is required under the FATF and national legislation, and facilitates Travel Rule data sharing.

The Sumsub Travel Rule Ecosystem is a community of VASPs (Sumsub Clients, its Partners Clients, or Client’s counterparties) that have successfully passed the VASP Due Diligence process purported to facilitate sharing data related to VA Transactions between VASPs and carry out identification and verification of counterparty VASPs to comply with the Travel Rule requirements.