Private Wallet to Sygna VASP

VASP receives a transaction from Private Wallet

In the blockchain world, once the transaction signature is broadcasted and confirmed by the nodes, the transaction is done. Sygna provides Bridge/Wallet Address Filter to help VASPs distinguish VASP wallet and private to provide different compliance requirements

  1. Once receives the blockchain transaction, VASP can identify whether Travel Rule data is exchanged with the specific transaction ID or hash with our Beneficiary/TransactionID service.
  2. If no data is exchanged before, VASPs need to freeze the crediting process.
  3. By using Bridge/Wallet Address Filter to confirm whether the originator wallet address belongs to a VASP wallet or private wallet.
  4. Once confirmed as a private wallet, VASPs have to ask the beneficiary(VASP user) whether they are the private wallet owner.
  5. If yes, ask the user to perform a Satoshi Test by sending a specific smaller amount of crypto to an assigned wallet address from the private wallet.
  6. Once the user performs the Satoshi Test transaction, verify the amount of transfer.
  7. If the verification is passed, continue the compliance check, including blockchain analysis and sanction name screening.
  8. If the transaction is under certain risk, credit the balance to the beneficiary.

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