Travel Rule

To meet the US Travel Rule requirement, Partners utilizing a Bulk Settlement model, are required to collect the account details of their customer’s external bank account from where they are funding their Brokerage Account.

Travel rule for Bulk Funding

For partners using Bulk Funding, Travel Rule bank account objects must be created and linked to all deposit and withdrawal transactions.
The steps below outline how to ensure compliance with the Travel Rule.

Create a Bank account Object

Partners will need to capture these details prior to the user initiating the transfer and pass along the details to DriveWealth using the Bank Account API.

POST /back-office/bank-accounts
{
  userID: "e84d9703-984f-4a05-8859-ac6979dec7ba",
  bankAccountPurpose: "TRAVEL_RULE",
  bankAccountNickname: "PREFERRED CHECKING",
  bankAccountNumber: "7442393174",
  bankAccountType: "CHECKING",
  bankRoutingNumber: "110000000",
  bankName: "Bank of America",
  bankAddress: "222 Broadway New York City NY 10038",
  bankCountry: "USA",
  beneficiaryDetails: {
    accountHolderName: "John Smith",
    accountHolderAddress: "123 Rodent street, New York, NY 10001",
    accountHolderCountry: "USA",
  },
}

The above will return a bankAccountID which will be a unique identifier for the above object.
Eg: bank_a4656e60-321e-425b-aa0d-a2e75c38885f

Note: Every NEW external bank account the customer uses to create a deposit/withdrawal would need to have a corresponding bank account object established before creating the subsequent deposit/withdrawal requests. If using an existing bank account, Partners can reuse the existingbankAccountIDcreated previously.

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International Partners should include the bank SWIFT code as the value forbankRoutingNumber

Creating a Deposit request with Travel Rule

Endpoint: Deposits API

POST /back-office/funding/deposits
{  
  "currency": "USD",  
  "type": "BULK_FUNDING",  
  "accountNo": "DWBG000052",  
  "amount": 250.25,  
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",  
  "note": "Here's my money!"  
}

Creating a Redemption request with Travel Rule

Endpoint: Redemptions API

POST /back-office/funding/redemptions
{  
  "currency": "USD",  
  "type": "BULK_FUNDING",  
  "accountNo": "DWBG000052",  
  "amount": 250.25,  
  "bankAccountID": "bank_a4656e60-321e-425b-aa0d-a2e75c38885f",  
  "note": "Give me my money!"  
}

Travel rule for Bulk Funding (Cashless)

For partners utilizing a Cashless model, Travel Rule bank account objects must be created before establishing the Brokerage account. DriveWealth ties the travel rule bank account object to customer transactions on the backend.

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API sequencing

An account cannot be created until a Bank Account object with "bankAccountPurpose": "TRAVEL_RULE" has been established.

Be sure to sequence your API calls in the following order: first create the User, then the Bank Account, and only after that proceed with Account creation.

Below are the steps to adhere to Travel Rule requirements.

Create a Bank account Object

POST /back-office/bank-accounts
{
  userID: "e84d9703-984f-4a05-8859-ac6979dec7ba",
  bankAccountPurpose: "TRAVEL_RULE",
  bankAccountNickname: "PREFERRED CHECKING",
  bankAccountNumber: "7442393174",
  bankAccountType: "CHECKING",
  bankRoutingNumber: "110000000",
  bankName: "Bank of America",
  bankAddress: "222 Broadway New York City NY 10038",
  bankCountry: "USA",
  beneficiaryDetails: {
    accountHolderName: "John Smith",
    accountHolderAddress: "123 Rodent street, New York, NY 10001",
    accountHolderCountry: "USA",
  },
}