What is the travel rule?

The travel rule requires any participating financial institutions in a transaction to exchange relevant beneficiary and originator KYC information. From June, 2020 this rule has been extended globally to all Virtual Asset Service Providers (VASP).

Does it apply to my business?

It probably does if your business is involved in:

    • Exchange of cryptocurrency (both crypto-fiat and crypto-crypto)
    • Transfer of cryptocurrency
    • Providing financial services related to the issuance, initial offer and sale of virtual assets
    • Providing custodian wallets

    Please note: The information provided above does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Visit the FATF website for additional information and guidelines on the travel rule.

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    4 Key Findings from the FATF’s Targeted Update on Implementation
    June 7, 2022
    Introducing Notabene’s Free Sunrise Plan
    May 27, 2022
    Bitso’s Travel Rule Compliance Journey ft. Patricia Risso
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    FAQ

    Crypto compliance

    Why choose Notabene as a Travel Rule compliance solution?

    We help financial institutions and virtual asset service providers (VASPs) comply with the FATF’s Recommendation 16 “Crypto Travel Rule” as required by domestic regulators in a growing number of jurisdictions.

    • Notabene is the only end-to-end Travel Rule compliance solution that offers a protocol-agnostic approach to Travel Rule compliance
    • Easy to use dashboard & ability to set risk management rules
    • Our in-house solution, TRNow, allows counterparty VASPs to share, send, receive, and store required PII data privately and securely

    Who is the Financial Action Task Force (FATF)?

    The Financial Action Task Force (FATF) is an inter-governmental global anti money laundering and terrorist financing watchdog founded in 1989. The FATF sets international standards aiming to prevent illegal activities and financial crime. In October 2018, the FATF adopted changes to its recommendations to explicitly clarify that they apply to financial activities involving virtual assets.

    What is cryptocurrency & virtual asset compliance?

    Global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF), issued guidance for the virtual asset industry in June 2019, including Recommendation 16, known in the industry as the Crypto Travel Rule. Recommendation 16 requires Virtual Asset Service Providers (VASPs) worldwide to send and store information surrounding the parties of a transaction.

    What are the advantages of cryptocurrency & virtual asset compliance?

    Future business opportunities after complying with the FinCEN Travel Rule are immense. FATF Travel Rule compliance presents the most significant opportunity for virtual assets to become widely accepted in everyday use cases. Cryptocurrency companies that comply will have better access to traditional banking, which will allow easier access to institutional investors. They will also be able to provide more visibility and trust around each transaction for their customers.