(Go Live) VASP/Compliance Verify Fields Settings
In the IVMS101 standard, over 90 fields are defined to specify the mandatory and optional information that two VASPs transmit during a Travel Rule request. However, not all VASPs support every field. On account of this, GTR provides a mechanism for all VASPs connected to GTR to clearly understand each other's minimum compliance requirements. To facilitate this, GTR has introduced below two concepts:
- PII Verification Support: a list of IVMS PII fields that the PII Receiving VASP can assist with validating.
- Required PII: a list of IVMS PII fields that the PII Receiving VASP is expected to receive in the PII payload.
Let's consider a scenario where the Travel Rule Initiating VASP is compiling a list of IVMS PII fields into a payload. The PII Receiving VASP's Required PII Setting tells the Travel Rule Initiating VASP which fields must be included in this payload. Additionally, the PII Receiving VASP's PII Verification Support indicates the capabilities that the PII Receiving VASP is supposed to help verify these PII fields.
PII Verification Support
PII Verification Support is a list of IVMS fields that are expected to be disclosed to the Travel Rule Initiating VASP. This is designed to give the Travel Rule Initiating VASP a clear understanding of which fields the PII Receiving VASP can validate and which it cannot.
GTR listed the most commonly used IVMS field and allowed every VASP to configure their own PII Verification Support list.
To manage this setting, log in to the GTR website and navigate to
[My Account] > [Settings] > PII Verification Support.Required PII
Required PII Verify Fields are disclosed to the Travel Rule Initiating VASP to indicate which fields must be included in the PII encrypted information to meet compliance requirements. In other words, the field list is a required item for the Travel Rule Initiating VASP. Failure to fill in these fields may result in an increased likelihood of verification failures.
GTR provides approximately 70 commonly used PII fields for every VASP to decide their exclusive Required PII list, in accordance with the instructions of IVMS and FATF. On GTR, these fields are categorized based on the type of entity—Natural Person or Legal Person—and the roles of Originator and Beneficiary.
To manage this setting, log in to the GTR website and navigate to [My Account] > [Settings] > Required PII Setting.
