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Originator VASP

An originator VASP is an entity that sends funds or benefits from the originator customer or a customer’s self-hosted wallet to the beneficiary customer.

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

  • Submitting the necessary originator data to the beneficiary VASP. This data needs to be verified as part of the originator VASP’s customer due diligence process. 

  • Submitting the necessary beneficiary data to the beneficiary VASP. 

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

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

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

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