CODE alliance members may optimize the Travel Rule solution based on global regulatory trends, risk assessment for counterpart VASPs, and more.
CODE provides a safe and efficient environment for our members to comply with regulations when transferring virtual assets, enabling them to send assets not only to themselves, but also to others.
This improves the reliability of our members’ services while also enabling agile responses to diverse transactional demands to proactively adjust to regulatory frameworks.
CODE members are not obliged to set the same Travel Rule solution to all counterpart VASPs. Using CODE’s options and features, set and manage your Travel Rule solution policy for each individual VASP.
Standard: To Any Beneficiary
Standard is the baseline option. It allows the users of our alliance members to make transfers not only to their own wallet in other VASPs, but also to a wallet owned by the others. This improves the market liquidity and accessibility for our members.
Option: To Self Beneficiary
This option allows users of our alliance members to transfer only to the wallet owned by the user.
If the ‘Standard: To Any Beneficiary’ has already been deployed in the production environment, only a few changes are required.
To Withdraw(Oritinator VASP)
To withdraw, considering their risk assessment criteria for the counterpart VASPs, originator VASPs can configure the withdrawal UI to automatically enter the beneficiary’s name and prevent users from making changes to this field.
To Deposit(Beneficiary VASP)
To deposit, ensure that the 'nameIdentifier' data for both the originator and beneficiary in the 'Asset Transfer Authorization' API payload are identical. Then, verify that the name of the originator matches that of the recipient wallet's owner.
This requires that the Originator and Beneficiary information sent by the counterpart aligns exactly with the KYC information held by beneficiary VASP. The deposit shall be processed when details correspond, or a 'denied' response should be returned.
Please Set the reasonType as 'INPUT_NAME_MISMATCHED' and reasonMsg as 'Only self-transfer allowed from the originator'.
"reasonMsg": "Only self-transfer allowed from the originator",