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.