FATF Recommendation 16 - Virtual Asset Travel Rule R.16-VATR.Beneficiary: Beneficiary information requirements

Beneficiary (receiving VASP customer) information required for transmission with the virtual asset transfer + retention by the originating VASP: (a) beneficiary NAME; (b) beneficiary ACCOUNT NUMBER / wallet identifier. (NB beneficiary address + identification equivalents are NOT required by FATF baseline R.16 but the EU TFR (Regulation (EU) 2023/1113) requires beneficiary address + Member-State-specific identification details). The originating VASP must obtain the beneficiary information from the originator + transmit it WITH the virtual asset transfer to the beneficiary VASP. The beneficiary VASP must VERIFY the beneficiary information against its own KYC records on receipt + apply risk-based measures + freeze + return funds where the transfer cannot be matched to a customer or where the beneficiary VASP determines the transfer must not be processed.