Travel Rule FAQ

How can VASPs join Sumsub's VASP Ecosystem?

VASPs can join the Sumsub Ecosystem by signing the Travel Rule Ecosystem Agreement either via the Registration Form, Due Diligence Questionnaire, or when this agreement is included in a Service Contract or Supplemental agreement.

The most popular way VASPs can join the Ecosystem is by filling out the Registration Form found here.

How does Sumsub handle data privacy of travel rule data?

Sumsub is able to ensure data privacy and act as a data processor for VASPs. A list of Sumsub's certifications can be found here.

As a VASP already using Sumsub for KYC, how will this be connected to Travel Rule?

As a VASP already using Sumsub for KYC, Sumsub can pull the necessary fields for your applicants and use this in your travel rule transaction. VASPs still need to provide information about the counterparty's beneficiary.

What is the pricing model for the Travel Rule service? Are there any hidden costs or fees we should be aware of?

Our pricing is flexible and based on volumes. Reach out to your CSM for more information and quotes.

How does Wallet Screening work with Travel Rule?

Within Sumsub's Travel Rule Protocol, VASPs are able to screen counterparty wallets using certain blockchain analytics tools to understand the risk associated with such wallets. These data points can then be used as an indicator for automated transaction decision making. Sumsub can also work with select providers like Chainalysis and Elliptic based on the client's preference.

When working with Thresholds, is Sumsub able to only send travel rule data when certain amount thresholds are met?

Sumsub is able to work with thresholds. These have to be configured by VASPs during the integration process in line with their jurisdictions requirements.

How are VASPs expected to deal with incoming blockchain transactions without travel rule data?

Incoming transactions without Travel Rule data can be handled in a number of ways.

Firstly VASPs can initiate travel rule transactions to understand the source of the transaction, risk screen the entity and request information from the counterparty VASPs.

It should be noted, that if VASPs have already received the transactions, it is more likely that they are dealing with a Sunrise VASP, a VASP outside Sumsub's Ecosystem, or an Unhosted Wallet.

Does Sumsub's TR Protocol work with external service providers?

Sumsub offers VASPs the ability to work with either its natively integrated technology partners, or their own partners through a BYOK (Bring Your Own Key) method. If a provider you are interested in working with is not supported, kindly reach out to your CSM to make this feature request. Currently supported partners include Crystal, MerkleScience, Chainalysis, Elliptic, ComplyAdvantage.

Do you have the list of supported crypto assets/blockchains?

Yes. The list of supported assets and how to work with them can be found here.

Exchange Ecosystem: Which major exchanges and VASPs are currently using Sumsub’s Travel Rule service?

Sumsub is integrated, or has built bridges with other travel rule protocols such as GTR, CODE, TRP. To mention a few, we have VASPs like Coinpass, Bitpanda, Binance, Kriptomat, OKX, all reachable via our solution.

As this is a dynamic list, reach out to your CSM for a full list of VASPs.

What are the different scenarios that can occur in a travel rule transaction?

The list of different scenarios can be found here. Default rules can be installed that handle these scenarios.

What types of VASPs are supported in Sumsub's Travel Rule Solution?

Sumsub's solution is set up to be uniquely customisable and can be used to ensure compliance for exchanges, custodies, on and off-ramp, neobanks, digital asset groups, foundations, etc. To clarify the exact use case, reach out to your CSM or Book a Demo via our website.

Data Reporting: How comprehensive are your reporting features? Can we easily export data for regulatory audits or internal analysis?

Reports can be exported for either individual transactions, a group of transactions, or regulatory reports that need to be made. You can find out more about different report types here.

If we already collected and stored person’s data for Travel Rule compliance, do we need to do it every time the same person requests a transaction? What about screening the person?

Within Sumsub, VASPs can set up solutions where they are able to either automatically or semi-automatically validate incoming transactions that have been processed from the same details.

Unhosted Wallet Verification. What assets are currently covered?

Currently our Unhosted wallet verification covers majorly BTC and ETH assets.