SINGAPORE, Oct. 10, 2023 /PRNewswire/ — VerifyVASP has successfully verified transfers of virtual assets worth US$ 100 billion through its scalable, immediate and secure Travel Rule platform, as of 8 October 2023.
In light of the increasing number of countries enforcing Travel Rule and ongoing discussions surrounding sunrise and other related issues, VerifyVASP’s successful processing of US$ 100 billion in transactions is compelling evidence that meeting the Financial Action Task Force (FATF) requirements and expectations regarding Travel Rule is attainable at scale.
VerifyVASP has reached this milestone whilst maintaining its steadfast commitment to safeguarding sensitive customer information and upholding strict compliance with data protection laws and regulations.
US$ 100 billion in transactions is a substantial metric to assess the effectiveness of VerifyVASP in the context of the Guiding Questions for Virtual Asset Service Providers (VASPs) as outlined in FATF’s Targeted Update from June 2023.
The following checklist summarises VerifyVASP’s capabilities:
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Does the tool enable VASPs to submit Travel Rule data for small
value VA transfers (i.e., below USD/EUR 1,000) to accommodate
varying threshold requirements across jurisdictions?
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Does the tool cover all VA types?
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Does the tool enable beneficiary VASPs to obtain and handle a
reasonably large volume of transactions from multiple destinations in
a secure and stable manner?
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Does the tool enable ordering VASPs to submit the required and
accurate originator and required beneficiary information to
beneficiary VASPs immediately upon or prior to a VA transfer on a
blockchain/distributed ledger technology platform?
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Does the tool enable an ordering VASP to locate the counterparty
VASP for VA transfers? (This is not a mandatory tool function but
identifying the counterparty can be the first challenge for ordering
VASPs).
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Does the tool provide VASPs with a communication channel to help
follow-up with a counterparty VASP to:
Seek information on the counterparty VASP to allow the
VASP to conduct required counterparty due diligence; and
request information on a certain transaction to determine if
the transaction involves high-risk or prohibited activities?
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Does the tool provide functions to facilitate meeting record-keeping,
transaction monitoring, and reporting obligations (e.g., securely
retaining data for 5 years/ allow user VASPs to download data),
while being in line with national data protection requirements?
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Does the tool allow Travel Rule information to be submitted to
VASPs using different tools?
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