On Wallib's OTC desk you can request that the payment for a transaction (for example, selling crypto in amounts from 10,000 USD) be made in the name of another person or another account holder.
For that to be possible, we need formal, documented authorization from the third party, for regulatory and compliance reasons.
🧾 When does a third-party payment apply?
We're talking about a third-party payment when:
You are the one operating the OTC order (as an individual or a company),
But the money in COP or USD needs to be sent to a bank account that isn't in your name, but in someone else's.
In these cases, we cannot pay that account with just a chat instruction. It's mandatory that the third party:
Authorizes us and provides supporting documentation.
✅ Requirements for the third party who will receive the payment
For a third party to be able to receive the payment from your OTC transaction:
They must fill out the third-party payment authorization form: 👉 https://forms.gle/RLCTaX6LjRoMja7J7
📝 Third-party payment authorization form
The form is the official channel where the third party:
States that they authorize receiving payments derived from OTC transactions.
Declares their relationship with you (the transaction's account holder).
Provides the information and supporting documentation required by regulation.
This form is part of the regulatory requirements. It's not a simple internal formality: we need clear evidence of who is receiving the money and why.
📎 Attached documentation: a key point
The form will request certain documents from the third party (for example, identification, bank details, specific supporting documents, etc.).
We want to emphasize this strongly:
🔴 All attached documentation must correspond exactly to what's requested in the form.
That means:
The documents must be in the name of the third party who will receive the payment.
They must be legible, complete, and current (not cropped, blurry, or incomplete).
The document type must be exactly what's requested (if an ID is requested, another document type won't do; if bank proof is requested, it must be a statement or certificate, not a screenshot without data).
The document's details (name, number, etc.) must match the information the third party enters in the form.
If the documents:
Are not clear,
Don't correspond to the person,
Are incomplete,
Or don't match what's requested,
the authorization can be rejected or put on hold until it's corrected.
🔐 Why are we strict about this?
Because third-party payments involve:
Prevention of money laundering and terrorism financing.
Clear traceability of who receives the money and why.
Legal responsibilities for the third party, for you, and for Wallib.
If we don't have the correct documentation:
We can't justify the transaction to regulatory authorities.
We can't protect you, the third party, or the ecosystem.
So if you want a third party to receive your OTC payments, take the process seriously and make sure the person:
Fills out the complete form.
Uploads exactly what's requested.
Does so clearly and legibly.
🧩 Summary
To authorize third-party payments on the OTC desk:
They must fill out the authorization form: 👉 https://forms.gle/RLCTaX6LjRoMja7J7
The attached documentation must match 100% what's requested (document type, holder, validity, legibility).
Without this approved validation, we cannot make payments in the name of other people.
If you have any questions, write to us at support@wallib.co