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.