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
- 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.
- If no data is exchanged before, VASPs need to freeze the crediting process.
- By using Bridge/Wallet Address Filter to confirm whether the originator wallet address belongs to a VASP wallet or private wallet.
- Once confirmed as a private wallet, VASPs have to ask the beneficiary(VASP user) whether they are the private wallet owner.
- 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.
- Once the user performs the Satoshi Test transaction, verify the amount of transfer.
- If the verification is passed, continue the compliance check, including blockchain analysis and sanction name screening.
- If the transaction is under certain risk, credit the balance to the beneficiary.
Updated over 2 years ago