96% of Companies are Travel Rule Compliant or on Course to Achieve Compliance in 2024: Notabene Report Findings

NEW YORK, SINGAPORE, LONDON - March 12, 2024

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- Notabene, the leader in pre-transaction decision-making and Travel Rule compliance solutions, today released its third annual State of Crypto Travel Rule Compliance Report 2024. This year's findings highlight a remarkable compliance milestone: 96% of surveyed financial and crypto institutions are now compliant or on the path to compliance this year, showcasing significant industry-wide progress.

Based on a survey of 70 leading institutions worldwide, the report reveals a substantial increase in regulatory diligence and a commitment to the Travel Rule—an anti-money laundering framework introduced by the Financial Action Task Force (FATF) to virtual asset service providers (VASPs) in 2019. This framework aims to bolster transparency and security in crypto transactions. Notable findings from the report include a 187.5% surge in firms restricting non-compliant transactions and a significant leap in due diligence practices, with 64% of entities now verifying counterparties before transacting.

Pelle Braendgaard, CEO of Notabene, reflects on the progress, stating, "The industry is making great strides towards enhanced security and regulatory compliance. Embracing the insights from the latest State of Crypto Travel Rule Compliance Report will further drive our collective progress towards a unified financial ecosystem."

The report also uncovered that significant challenges, such as protocol interoperability, remain despite these advancements. A significant portion of respondents identified the lack of protocol interoperability as their primary hurdle to full compliance. Additionally, 37% reported never having received a Travel Rule message,  further highlighting interoperability issues. Full compliance for the 37% of VASPs that have not received any Travel Rule messages could bring a significant and potentially disproportionate impact on business, as it would require them not to accept any deposits.

The report offers actionable insights for navigating the complexities of global compliance, advocating for flexible regulatory frameworks and improved technology solution interoperability.

For an in-depth analysis and recommendations, access the complete report on notabene.id.

-ENDS-

For media inquiries or further information about Notabene and Shift Markets, please contact: [email protected]

About Notabene:

Notabene developed the crypto industry's only pre-transaction decision-making platform, enabling customers to identify and stop high-risk activity before it occurs. With a focus on security, privacy, and user experience, Notabene's multi-source data and software enables real-time decision-making, counterparty sanctions screening, self-hosted wallet identification, and more. SOC-2 security certified and trusted by over 100 companies, Notabene operates globally with headquarters in New York, and presence in Switzerland, Singapore, Germany, and the United Kingdom.

Companies like Copper, Luno, Crypto.com and Bitstamp leverage our  SafeTransact platform for Travel Rule compliance, tailored to their needs and aligned with global and local regulations. Our platform builds trust in virtual asset transactions to foster financial growth with minimized risk.

Get started today; sign up for our free SafeTransact Rise plan to respond to regulated transactions for free using the world's largest VASP Network. 

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