Data sharing requirements as per FATF Recommendation 16
For a comprehensive overview, see the section titled Overview of R.16 and its application to VAs and VASPs in the FATF Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers published 28-Oct-2021.
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Requirements to obtain, hold and submit required and accurate originator and required beneficiary information
Details
Countries should ensure that ordering institutions (whether a VASP or other obliged entity such as a FI) involved in a VA transfer, obtain and hold required and accurate originator information and required beneficiary information and submit the information to beneficiary institutions (whether a VASP or other obliged entity, such as a FI), if any. Further, countries should ensure that beneficiary institutions (whether a VASP or other obliged entity, such as a FI) obtain and hold required (but not necessarily accurate[1]) originator information and required and accurate beneficiary information, as set forth in INR. 16 (see Box 4 below).
Required Information
The definition of "required information" is defined by each jurisdiction and is typically some combination of the following.
Counterparty |
Data component |
Note |
Beneficiary |
Full name |
Natural person or legal person |
Beneficiary |
Account number or, in the absence of such an account, a unique reference number |
Account number is synonymous with "Virtual asset account number" and "Number of the originator’s account" as indicated in some jurisdictions. |
Beneficiary |
Address |
Physical street address, not wallet address |
Beneficiary |
Financial institution |
Beneficiary VASP information |
… |
… |
… |
Originator |
Full name |
Natural person or legal person |
Originator |
Account number or, in the absence of such an account, a unique reference number |
Account number is synonymous with "Virtual asset account number" and "Number of the originator’s account" as indicated in some jurisdictions. |
Originator |
Address or national identity number, customer identification number or date and place of birth |
Address is physical street address, not wallet address |
Originator |
Financial institution |
Originator VASP information |
Information standard for communication between VASPs (IVMS 101)
The IVMS101 standard was developed as a "Universal common language for communication of required originator and beneficiary information between virtual asset service providers" and is the predominant method for sharing required information betweek VASPs. For more information, refer to the interVASP website.
This IVMS Validator by 21 Analytics provides an example IVMS and is a useful tool.