Overview

Automate data transfers with counterparties and ensure compliance with the latest regulatory requirements.

Sumsub Travel Rule is part of our Transaction monitoring solution. It 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) regulations Recommendation 16 requirements and ensure that transactions are fraud-free.

Handle outgoing transaction

You want to initiate the protocol to check if you need to send a transaction to the blockchain:

  1. Create a transaction holding information that will be used during the protocol execution. Make sure to set type to travelRule when creating the transaction.
  2. The transaction can either be immediately approved or rejected based on the set rules. Alternatively, the status may change to onHold. You will receive a webhook when the status changes.
  3. If the status is onHold, we attempt to acquire information from the counterparty using various methods or re-score the transaction by timeout. You will receive a webhook following any status change.
  4. If the transaction is approved, you can execute the transaction and patch the information obtained from the blockchain.

Handle incoming transaction

The protocol is initiated by the counterparty and an action is required from you to process the transaction:

  1. A transaction has already been initiated and a webhook notification has been sent to you.
  2. Enriching the transaction with the missing information by doing either of the following:
    1. Move the transaction to an existing applicant.
    2. Provide information for enrichment.
  3. Upon processing, the transaction will either be approved or rejected. In case of approval, a notification might be received from the blockchain.