According to FATF recommendations for Travel Rule compliance, VASPs in certain jurisdictions such as the UK, Germany, Switzerland, Singapore, and Hong Kong must ask their customers to prove ownership of unhosted wallets. Through its partnership with 21 Analytics, Sumsub now offers a streamlined solution for its global crypto clients to collect these proofs.

Sumsub has enhanced its Travel Rule solution by integrating 21 Analytics, assisting VASPs in maintaining full compliance worldwide. The incorporation of Self-Hosted Wallet Verification into Sumsub’s Travel Rule solution allows VASPs to request users to verify their unhosted/self-hosted wallets and record the results for compliance purposes. This feature can also be seamlessly integrated with other Sumsub offerings, such as VASP Attribution or Risk Scoring.

This partnership ensures that VASPs serving customers across various jurisdictions have comprehensive crypto compliance coverage, eliminating the need to navigate complex compliance requirements independently.

“Sumsub has built its Travel Rule solution on the premise that VASPs should not be constrained by the technology used by their provider,” comments Ilya Brovin, Chief Growth Officer at Sumsub. “We have therefore partnered with key players to integrate best-in-class solutions, such as AOPP from 21 Analytics for unhosted wallet verification, alongside VASP discovery using leading blockchain analytics platforms.”

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“It is a pleasure to support Sumsub’s VASP customers with 21 Analytics’ leading solution for Travel Rule compliance when transacting with self-hosted wallets,” said Lucas Betschart, CEO at 21 Analytics. “This partnership enables more crypto users to prove wallet ownership in a frictionless way, allowing VASPs to be compliant without compromising on user experience, a key step for crypto mass adoption.”

Source: prnewswire.com

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