Terminology

Term	Definition
Beneficiary	A person (natural or legal entity) who receives a Virtual Aasset (VA) transfer from the Originator through the Beneficiary's VASP or Unhosted Wallet.
Beneficiary VASP	A virtual asset service provider (VASP) that receives the VA transfer of a virtual asset from either the Originating VASP or the owner of an Unhosted Wallet and makes the funds available to the Beneficiary.
Counterparty	The Beneficiary in regards to the Originator and the Originator in regards to the Beneficiary of any VA Transaction.
Data exchange transaction	A transaction created by the Client in the Dashboard, designed to transfer data according to Travel Rule requirements.
EC	Essential Check.
EEC	Extended Essential Check.
FATF	Financial Action Task Force, the international body setting global standards for money laundering and terrorist financing prevention.
Originating VASP	A virtual asset service provider (VASP) that intends to undertake a VA TransactionVA transfer to a Beneficiary VASP on behalf of the Originator.
Unhosted wallet	A software or hardware wallet that enables a person to store and transfer virtual assets independently of any VASP and allows that person to administer their own private cryptographic key.