VerifyVASP’s Korean Alliance November 2022 Meeting

VerifyVASP’s Korean alliance met again today, 24 November 2022 to recap an eventful 2022, as we reached 2 million transactions processed.

Besides giving the alliance an update on our progress, including an update on the international regulatory landscape, we also sought to plan ahead together as an industry against a backdrop of increasing regulatory scrutiny and evolving regulations through an interactive discussion.

The alliance was also given a peek into the upcoming VerifyVASP 2.0 which would also include dashboard functionality for members to:

• Monitor their respective transaction flows and if integration is enabled, review sanction hits (if any)
• Review the analytics of their flows and potentially support their respective reporting needs to regulators
• Member directory for intra-alliance bulletin and announcements
• VV Connect managing integration API authentication keys
• Toggle on/off connectivity with other member counterparties
• Billing information
• Account management

These features will be gradually made available in the coming month, and we expect to complete the full deployment of the above functionalities by 31 December 2022.

With these feature offerings and enhancements, VerifyVASP will become an even more inclusive Travel Rule solution, offering members a complete end-to-end product offering that would allow VASPs to continue their frictionless, immediate, and secure compliance to Travel Rule obligations, internationally.

We are committed to developing our product offering for the industry’s needs and developing it with the industry through close collaboration with the stakeholders and regulators.

If you have a working group in your jurisdiction, we are always eager to engage in open communication to drive Travel Rule compliance in your local jurisdiction. We would also be open to forming local working groups where there is a demand in jurisdictions enforcing the Travel Rule or engaging bilaterally to ensure VASPs’ requirements are catered to, as we have done so in many other jurisdictions and with clients, internationally.

Stay tuned as we announce more features and functionality in the very near future.