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Beneficiary VASP

A beneficiary VASP is an entity that receives funds or benefits from the originator or self-hosted wallet on behalf of the beneficiary customer

Per the Financial Action Task Force's (FATF) Travel Rule, the beneficiary VASP is responsible for

  • Obtaining the necessary originator data from ordering VASP and retaining a record.

  • Obtaining the necessary beneficiary data from the ordering VASP. This data needs to be verified by the beneficiary VASP to ensure the received data is accurate. 

  • Obtaining the necessary data from the originator and maintaining a record thereof.

  • Screening the originator to confirm that the originator is not a sanctioned name.  

  • Monitoring the transaction and reporting it should it raise any suspicions.

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