Sumsub Travel Rule SDK simplifies complex compliance rule for virtual asset transfers

Sumsub has announced that its Travel Rule SDK is now available for crypto, fintech and iGaming businesses. A release says the SDK is “designed to be easily incorporated directly into client apps, enabling companies to automate compliance checks and verify sender/recipient information in real time to ensure Travel Rule compliance.”

The Travel Rule is Financial Action Task Force (FATF) Recommendation 16, which requires providers of cross-border payment services (PSPs) to include complete originator and beneficiary information in wire transfers and crypto transactions, in order to prevent money laundering.

“With more countries enforcing Travel Rule each year, it is continually becoming an obligatory part of virtual asset transfers,” Sumsub says. “However, implementation challenges remain acute for crypto providers operating globally, with jurisdictions imposing different requirements and thresholds, and governments not providing any unified approach or standard.”

Sumsub intends Travel Rule SDK to provide a solution, enabling crypto companies to build effective, user-friendly compliance flows using pre-configured requirements and automatic jurisdiction detection.

“While Travel Rule compliance logic is complex, failure to adhere to the regulation is associated with high reputational, legal and financial risks,” says Andrew Novoselsky, CPO at Sumsub. “Sumsub offers flexible integration options – SDK, API and protocols – built to simplify Travel Rule compliance programs for VASPs and other regulated entities engaged in crypto transfers. Without sophisticated custom builds, our SDK automatically integrates all the necessary compliance checks while keeping the UX seamless, thus allowing teams to focus on their core business goals.”

FATF is in the midst of updating Recommendation 16, “to ensure that the FATF Standards remain technology-neutral and follow the principle of ‘same activity, same risk, same rules’,” and  “to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure.”

Sumsub ID showcased as basis for on-chain credentials

Sumsub has also showcased its first public integration of Sumsub ID. A demonstration at Solana Accelerate in New York highlighted how users can issue on-chain credentials, such as attestations, via the new Solana Attestation Service (SAS), based on their Sumsub ID profile.

A release says “on-chain attestations allow users to carry a publicly verifiable proof of identity verification, tied to their self-hosted wallet, with Sumsub serving as the trusted party performing the verification and issuing the credential.”

Ilya Brovin, chief growth officer at Sumsub, says the integration with Solana’s Attestation Service marks “a key first stepping stone in the evolution of Sumsub’s reusable digital identity offering.”

“This is not just a step forward in simplifying identity verification and compliance processes – it’s about unlocking a seamless experience for users while helping businesses scale securely across Web3 ecosystems.”

Article Topics

AML  |  cryptocurrency  |  digital identity  |  fraud prevention  |  identity verification  |  reusable digital ID  |  SDK  |  Solana Attestation Service  |  Sumsub  |  Travel Rule