VASPnet launches real-time updates for changes to VASP groups

VASPnet has launched group subscriptions, helping compliance teams monitor changes to the legal entities associated with a VASP. When the membership of a subscribed group changes, an update is made available through the VASPnet API without users having to repeat the same search.

‍

Drawing on data from 126 regulators across 87 countries, VASPnet makes these changes available through its API as soon as they are identified and recorded.

‍

Since November 2024, VASPnet has enabled users to search for a VASP and identify the regulatory data held by VASPnet on its associated group of legal entities.

‍

The membership of a VASP group can change following an incorporation, restructuring, licence withdrawal or deregistration. When a VASP enters a new market, for example, it may establish a local entity under a different legal name. Institutions then need to identify that entity and understand how it relates to the wider group.

‍

VASPnet tracks more than 7,000 trading names linked to VASP legal entities in its database, helping users connect the names they encounter with the relevant legal entities and groups.

‍

Until now, financial institutions and VASPs conducting counterparty due diligence had to run a new search to identify changes since their last review. Group subscriptions make changes to a subscribed group's membership available automatically through the VASPnet API.

‍

“Group structures change more often than most teams can track manually. Group subscriptions give our users a practical way to keep pace with those changes and maintain an accurate view of the counterparties they work with.”
‍
— Neil Samtani, Founder and CEO, VASPnet

‍

Why group changes matter

For financial institutions entering cross-border correspondent banking relationships, keeping VASP group information current can support ongoing due diligence. FATF Recommendation 13 requires institutions to gather enough information to understand the nature of a respondent institution's business.^[1]

‍

Under the EU's Transfer of Funds Regulation, CASPs must obtain and transmit prescribed information about the originator and beneficiary of a crypto-asset transfer, making accurate identification of the legal entity acting as the counterparty essential.^[2]

‍

Group subscriptions are now live for VASPnet users. Learn more about how VASPnet helps compliance teams stay current on the VASPs they do business with.

‍

‍

‍

‍

‍

‍

^{[1] Financial Action Task Force, The FATF Recommendations, Recommendation 13(a).}

^{[2] Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Transfer of Funds Regulation).}