Travel Rule solution selection , what should VASPs evaluate now?

TL;DR: Travel Rule compliance is both a regulatory obligation and a vendor selection exercise, covering global implementation, enforcement risks, protocol choices, and FATF guiding questions for virtual asset service providers, according to SumSub. The underlying issue is that compliance programmes fail when governance, data sharing, and operating model decisions are left until procurement pressure arrives.

NHIMG editorial — based on content published by Sumsub: a guide to Travel Rule compliance and vendor selection

By the numbers:

• 97% of NHIs carry excessive privileges, increasing unauthorised access and broadening the attack surface.
• 92% of organisations expose NHIs to third parties, raising concerns about supply chain security.
• 90% of IT leaders say properly managing NHIs is essential for a successful zero-trust implementation.

Questions worth separating out

Q: How should VASPs choose a Travel Rule compliance solution?

A: VASPs should choose a solution by first mapping their jurisdictional obligations, then testing whether the platform can exchange required counterparty data, preserve evidence, and handle exceptions without manual workarounds.

Q: Why does Travel Rule compliance create governance risk for crypto firms?

A: Travel Rule compliance creates governance risk because it requires accurate identity data exchange across counterparties, jurisdictions, and internal control owners.

Q: What do teams get wrong when evaluating Travel Rule vendors?

A: Teams often over-focus on product demonstrations and under-focus on control evidence.

Practitioner guidance

• Map jurisdiction-by-jurisdiction obligations first Build a matrix of Travel Rule requirements by market, including data fields, transfer thresholds, retention expectations, and counterparties.
• Test protocol interoperability against real counterparties Validate whether the shortlisted solution can exchange required Travel Rule data cleanly across the specific VASPs and rails you use, including exception handling and message traceability.
• Demand audit-grade evidence paths Require the programme to show who approved the transfer, what data was transmitted, where it was retained, and how exceptions were resolved.

What's in the full article

Sumsub's full guide covers the operational detail this post intentionally leaves for the source:

• A foundational explanation of what the Travel Rule requires for VASPs in practice
• A jurisdiction-by-jurisdiction view of global implementation and why FATF's 2025 update matters
• A vendor-selection section built around FATF guiding questions for shortlist evaluation
• A breakdown of the solution and protocol landscape authored by CryptoUK

👉 Read Sumsub's guide to Travel Rule compliance and vendor selection →

Travel Rule solution selection , what should VASPs evaluate now?

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