SunCrypto Update: Submit Originator Information Form for Deposits!

Recently, many users of the SunCrypto platform have faced issues while filling out the originator information form for crypto deposits. To address this, let’s first understand what the originator form is and why it is essential before diving into the process of submitting it.

What is the Originator Information Form?

The requirement for an originator information form falls under the Travel Rule, also known as FATF Recommendation 16. This is a set of guidelines designed to combat money laundering and terrorist financing. The rule applies to financial institutions involved in virtual asset transfers, including crypto companies, collectively referred to as Virtual Asset Service Providers (VASPs). 

Under the Travel Rule, VASPs are required to obtain and disclose accurate information about both the sender and the recipient of a virtual asset transfer. This information must be provided to the counterpart VASP or financial institution either before or during the transaction. The goal is to ensure transparency and security, preventing any misuse of virtual assets.

Why Originator Information Form Is Important?

By collecting this information, crypto platforms and financial institutions like SunCrypto can comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. This helps protect both the platform and users from any suspicious activities or threats related to illegal money transfers.

How to Submit Your Originator Information Form for Crypto Deposits on SunCrypto?

Whenever you make a crypto deposit on SunCrypto, you have to fill out the originator information form to complete your crypto deposit transaction successfully. To fill out the form, launch the app and navigate to the profile section, where you’ll see the crypto deposit transaction history option. 

Once you click on the crypto deposit transaction history option, you can see the option of filling out the originator information form. In this form, you will need to provide the originator information related to your deposit and remember that you are mandatory to fill every section of the form. Here’s a step-by-step guide to help you fill out the form correctly:

• What is the Originator Source of this Deposit?: In this section, you need to select the source of your crypto deposit. Choose whether the deposit was made from an exchange or a crypto wallet.
• Source Name of Deposit: Here, you’ll need to enter the name of the platform from which you made the deposit. For example, if the deposit was made from an exchange, you might enter “Binance” or “Gate.io.” If it was from a crypto wallet, you could enter “Trust Wallet” or “Metamask.”
• Did the Deposit Come from an Account/Wallet That Belongs to You?:  In this section, you must choose between “Yes” or “No.” 
• If the account from which the crypto was deposited belongs to you, select “Yes,” and your form will be completed.
• If the crypto was transferred by someone else, select “No.” You will then be redirected to a new page where you need to provide the details of the sender’s account.

Additional Information for Deposits from Another Account 

If the deposit did not come from your account, you will need to fill out the following details about the sender:

• Sender Name as per Government Records: Enter the sender’s full name, exactly as it appears in official records.
• Address Line as per Government Records: Provide the sender’s residential address.
• Pincode: Enter the area pin code of the sender’s address.
• Country as per Government Records: Specify the sender’s country, as recorded in any government-issued identification.
• Date of Birth: Provide the sender’s date of birth according to government records.
• National Identifier Type: Choose the type of identification document for the sender, such as a passport, driving license, or tax identification number.
• National Identifier Number: Enter the identification number from the selected document.

Why This Information Is Crucial

Providing accurate and complete information in the originator form helps ensure the safety of both SunCrypto and its users. Compliance with these requirements helps prevent illegal activities like money laundering and ensures the platform adheres to regulatory guidelines set by the government.

By taking these steps, SunCrypto aims to safeguard its users and promote a secure environment for crypto transactions. While filling out the form may seem time-consuming, it is crucial for protecting both you and the platform from potential threats.

In conclusion, submitting originator information is not just about regulatory compliance—it’s about ensuring the security of your crypto investments.

To learn more about the originator information form or have any queries related to it, reach out to our expert support team at [email protected] or check SunCrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared,  if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your research or consult an expert before making any investment decision.