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.

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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.

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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.

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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.

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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.

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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.

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“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.”
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— Neil Samtani, Founder and CEO, VASPnet

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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]

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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]

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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.

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^{[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).}