Add VASP
You can add a trusted counterparty VASP to interact with by clicking on the 'Add VASP' button on the top right of the 'Counterparty VASP' page.
This will prompt a pop-up on which you can select which protocol you will use to interact with the counterparty VASP.
Perform Counterparty Due Diligence
A thorough check of the counterparty VASP needs to be performed before adding it to the list of trusted counterparty VASPs. This is to ensure that counterparty due diligence is performed as per the Travel Rule's requirements, bearing in mind that the Travel Rule requires that a VASP has assessed the counterparty's anti-money laundering and counter-terrorism financing policies and regulatory status before initiating transactions.
Upon successful completion of counterparty due diligence, that VASP can be manually added to the list of trusted counterparty VASPs in case of email. In case of TRP, the entry has automatically appeared and the VASP can be marked as trusted.
Add TRP VASP
TRP VASPs auto-populate through Travel Address use. There is no manual action required.
Add VASP Email
As a fallback method, you can use Email; this is very simple to set up but comes with numerous drawbacks. Under the Email tab, we see the following input data fields:
The required data for those fields is usually obtained during counterparty due diligence.
Name
Enter the counterparty's company name as incorporated in the commercial register.
Enter the email address of the counterparty.