Summary

When legal entity transfers virtual assets, the Travel Rule process should be the same as individual(natural person).

The 'legalPerson' object in the IVMS101 messaging standard shall be utilized.

However, the policy for allowing transactions to and from legal entity may vary between VASPs, it is recommended to verify with each VASP beforehand.

If coordination with a specific VASP is required, please seek assistance from the Code team!

The Travel Rule applies when corporations transfer virtual assets. Fortunately, the process remains the same as for individuals. The CODE’s Travel Rule already includes a standard protocol for corporate transfers. The primary difference lies in the types of data exchanged.

'legalPerson' for IVMS101

In the IVMS101 messaging standard for the Travel Rule, corporations are referred to as 'legalPerson.' In the 'originatorPersons' or 'beneficiaryPersons' objects, include one 'legalPerson' for the corporation and at least one 'naturalPerson' for the representative.

For detailed instructions and required fields, refer to the IVMS101 Type and IVMS101 Required Fields pages. If you need help, contact the CODE team on Slack!

{ 
  "Originator": {
    "originatorPersons":[
      {
        "legalPerson":{
          "name":{
            "nameIdentifier":[
              {
                "legalPersonName":"Coinone Inc.",
                "legalPersonNameIdentifierType":"LEGL"
              }
            ]
          },
          "nationalIdentification":{
            "nationalIdentifier":"XXXXXXXXXXXXXXXXXXXX",
            "nationalIdentifierType":"LEIX"
          },
          "customerIdentification":"customernumber in Max 50 Text",
          "countryOfRegistration":"KR"
        }
      },
      {
        "naturalPerson":{
          "name":{
            "nameIdentifier":[
              {
                "primaryIdentifier":"Barnes",
                "secondaryIdentifier":"Robert",
                "nameIdentifierType":"LEGL"
              }
            ],
            "localNameIdentifier":[
              {
                "primaryIdentifier":"로버트 반스",
                "secondaryIdentifier":"",
                "nameIdentifierType":"LEGL"
              }
            ]
          }
        }
      }
    ],
    "accountNumber":[
      "rJChk8e71gxVhyJSr1srzZxWhVisWMMYKZ:tag or memo"
    ]
  },
  "Beneficiary": {
    "beneficiaryPersons":[
      {
        "legalPerson":{
          "name":{
            "nameIdentifier":[
              {
                "legalPersonName":"Korbit Inc.",
                "legalPersonNameIdentifierType":"LEGL"
              }
            ]
          },
          "nationalIdentification":{
            "nationalIdentifier":"XXXXXXXXXXXXXXXXXXXX",
            "nationalIdentifierType":"LEIX"
          },
          "customerIdentification":"customernumber in Max 50 Text",
          "countryOfRegistration":"KR"
        }
      },
      {
        "naturalPerson":{
          "name":{
            "nameIdentifier":[
              {
                "primaryIdentifier":"Smith",
                "secondaryIdentifier":"Alice",
                "nameIdentifierType":"LEGL"
              }
            ],
            "localNameIdentifier":[
              {
                "primaryIdentifier":"앨리스 스미스",
                "secondaryIdentifier":"",
                "nameIdentifierType":"LEGL"
              }
            ]
          }
        }
      }
    ],
    "accountNumber":[
      "rHcFoo6a9qT5NHiVn1THQRhsEGcxtYCV4d:tag or memo"
    ]
  },
  "OriginatingVASP": {
    "originatingVASP":{
      "legalPerson":{
        "name":{
          "nameIdentifier":[
            {
              "legalPersonName":"Korbit Inc.",
              "legalPersonNameIdentifierType":"LEGL"
            }
          ]
        },
        "geographicAddress":[
          {
            "addressType":"GEOG",
            "streetName":"Example Street",
            "buildingNumber":"123",
            "buildingName":"Example Building",
            "postcode":"00000",
            "townName":"Seoul",
            "addressLine": ["100 Teheran-ro 1-gil, Gangnam-gu", "10th floor"],
            "countrySubDivision":"N/A",
            "country":"KR"
          }
        ],
        "nationalIdentification":{
          "nationalIdentifier":"EXAMPLE-TAX-ID",
          "nationalIdentifierType":"RAID",
          "registrationAuthority":"RA000657"
        },
        "countryOfRegistration":"KR"
      }
    }
  }
}

Legal Entity Account Policy

When transferring virtual assets from a corporate account, it's important to note that not all VASPs treat corporate accounts the same. Policies may include:

Not accepting corporate clients: Some VASPs may reject corporate clients entirely.
Manual processing: Some VASPs accept corporate clients but process them manually.
Incomplete development: Some VASPs may not have developed corporate account integration due to low priority.

Therefore, before supporting corporate account deposits and withdrawals, check the corporate account policies of the counterpart VASP and make any necessary technical adjustments.

Notes

❗️When conducting corporate transactions, first verify the VASP's policy on corporate accounts.

❗️Follow the IVMS101 protocol when exchanging corporate information.

❗️If a legal entity has multiple representatives(CEO), depending on the counterparty VASP's policy, either only one representative may be verified, or all representatives may need to be verified. Make sure to check the policy of the counterparty VASP before creating the request body. For verification of each VASP’s policy, please contact CODE team.