Defy Version 2.0
  • 🏁Getting Started
    • Overview
  • 🔑AUTHENTICATION
    • API Key
  • 🔄Streaming
    • What is streaming?
    • Streaming API
  • 🛡️Live AML
    • What is Live AML?
    • Live AML API
  • 🔐Security
    • Anti Money Laundering (AML)
    • Transaction Detail
  • 🏎️Travel Rule
    • What is Travel Rule?
    • Withdrawal Interactions
    • Deposit Interactions
    • E-Mail Notification
    • Status and Webhook Data
    • API Reference
  • 👩‍💻Developer Resources
    • Supported Chains
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  1. Travel Rule

What is Travel Rule?

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Last updated 2 months ago

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The Travel Rule requires financial institutions participating in a cryptocurrency transaction (aka VASPs: Virtual Asset Service Providers) to exchange relevant beneficiary and originator KYC information. Any business holding crypto on behalf of their customers (a VASP) is required to implement the Travel Rule for transactions over a certain threshold sent to customers of another VASP. The specific threshold amount is determined by each national regulator. MASAK has recommended it be set to 15000 TRY.

What information needs to be included in the Travel Rule request?​

Primarily you need to include the following information:

  • The asset to be transferred (eg. BTC)

  • Amount of asset to be transferred

  • Information about the Originating Customer. Each country will have different requirements, but generally may include:

    • Name

    • Account number or blockchain address

    • Physical Address

    • Identity number eg. National ID number or Passport number

  • Information about the Beneficiary Customer

    • Name

    • Account number or blockchain address

The industry has convened on the IVMS101 standard data model for defining this, which is supported in its entirety by Defy.

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