Asset Transfer Authorization

Review an asset transfer authorization request and return the result.

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POST

/v1/beneficiary/transfer

A VASP who wants to transfer an asset requests the beneficiary VASP for asset transfer authorization prior to transferring an asset. You shall implement an API to process a request for authorization to transfer this asset.

API action specification

1. Decrypt the encrypted payload with its own private key.
2. You can check the information of an asset to be transferred, the Originator information, and the OriginatingVASP information, and decide whether to allow the transfer of this asset. Requests from VerifyVASP, the originatingVASP object is outside payload. Please overwrite inside payload -> ivms101.
3. Check that the beneficiary's address information contained in Beneficiary is an address that can actually be received.
   1. [Important!] Refer here for how to verify address.
4. If there is the beneficiary name in Beneficiary, check that it matches the owner of the corresponding address as well. Name information includes both first name and last name only if primaryIdentifier has been defined.
   1. [Important!] Refer here for how to verify names.
5. If necessary, perform sanction screening for the beneficiary address as well.
6. Based on this content, store the asset transfer information in DB and assign a status value. verified or denied
7. Create a response based on the result of checking the content of a request message. At this time, use Originator and OriginatingVASP information by copying the value of the request, and create the Beneficiary information based on the information of the beneficiary VASP.
8. Attach a response message signature and then send a response.

Request

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Important

For the originator's personal information, as of March 25, 2022, only an individual's name is to be sent for the individual, and only information on the legal person and representative name is to be sent for the legal person.

Name	Required	Type
transferId	Required	string
currency	Required	string
amount	Required	string
historicalCost	Optional	string
tradePrice	Required	string
tradeCurrency	Required	string
isExceedingThreshold	Required	string
originatingVasp	Optional	string
payload	Required	string

transferId: This is a unique identification number for the asset transfer details created by a VASP which wants to transfer an asset. The client who sends a request generates and sends a UUID v4 value.

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currency: This is a symbol of the virtual asset you want to transfer. (This is case insensitive.)

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amount: This is the total volume of virtual assets you want to transfer

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historicalCost: This is an acquisition cost of the virtual asset to be transferred (The requirements of Korea National Tax Service. However, it is not used yet.)

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tradePrice: This is the amount of the virtual asset transfer converted to a type of legal tender. If there is no its own price information, convert this using the price API of other VASP.

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tradeCurrency: This is a legal tender code, which follows the ISO 4217 standard used when converting to a legal tender

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isExceedingThreshold: Indicates whether the tradePrice exceeds the Travel Rule threshold specified by law.
This field is input as true or false, and if the field value is true, the Beneficiary name in the request is compared with the actual name of the Beneficiary who owns the virtual asset address.
If the field value is true and the Beneficiary name is missing or different in the request, a 'denied' response is sent.

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originatingVasp: For requests from other solutions, an originatingVASP object may be outside payload. In this case, please overwrite the originatingVASP object outside payload to the ivms101 message of the payload area.

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payload: This is an object to contain IVMS101 message. Please refer to IVMS101 Type.

Sample Request

{
    "transferId": "string",
    "currency": "string",
    "amount": "string",
    "historicalCost": "",
    "tradePrice": "1000001",
    "tradeCurrency": "KRW",
    "isExceedingThreshold": "true",
    "originatingVasp": {},
    "payload": "encrypted ivms101 payload"
}

Response

Name	Required	Type
result	Required	string
reasonType	Optional	string
reasonMsg	Optional	string
transferId	Required	string
beneficiaryVasp	Optional	string
payload	Required	string

result: This is a result of the previous authorization of the virtual asset.

-verified: Authorize.

-denied: Deny to transfer an asset

---

reasonType: For denied, the type corresponding to the reason.

-NOT_FOUND_ADDRESS: This is a case where a virtual asset address cannot be found.

-NOT_SUPPORTED_SYMBOL: This is a currency symbol which cannot be traded.

-NOT_KYC_USER: This is a case where the owner did not process KYC verification.

-INPUT_NAME_MISMATCHED: The beneficiary name sent in the request message does not match the actual owner's name.

-SANCTION_LIST: Virtual asset addresses or owners are subject to the sanction of the beneficiary VASP.

-LACK_OF_INFORMATION: This is a case where there is no the information necessary to make an asset transfer decision.

-UNKNOWN: This refers to other reasons.

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reasonMsg: message describing the reasonType

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transferId: A unique ID is required to track the status of transaction from an asset transfer authorization request through subsequent processes. The client who sends a request generates and sends UUID.

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payload(Required): This is an object to contain IVMS101 message. Please refer to IVMS101 Type.

Sample Response

{
    "result": "string",
    "reasonType": "",
    "reasonMsg": "",
    "transferId": "string",
    "beneficiaryVasp": {},
    "payload": "encrypted ivms101 payload"
}