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Fireblocks Partners with Notabene To Bring A Streamlined Compliance Experience for Institutions

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Summary

Fireblocks and Notabene join forces to provide the first fully integrated solution for processing Travel Rule compliant transactions.

NEW YORKMay 4, 2023 Fireblocks, an easy-to-use platform to create innovative products on the blockchain and manage day-to-day crypto operations, announced today that it has partnered with Notabene by integrating its pre-transaction decision-making solution to the Fireblocks platform, creating a seamless experience for its institutional customers looking to comply with their local crypto Travel Rule requirements. 

In 2019, the Financial Action Task Force (FATF) introduced the Travel Rule. This rule requires virtual asset service providers (VASPs) to collaborate in identifying each other's customers in a transaction, to avoid financial crime and implement effective sanctions screening programs. Fireblocks' integration with Notabene seamlessly meets the needs of institutions looking for a solution that allows automated management and compliance of the Travel Rule's assorted requirements, regardless of variations across global jurisdictions. With this partnership, institutions can now perform real-time compliance checks before settlement, marking the first time this has been possible. The fully integrated solution eliminates much of the technical and operational complexity that previously hindered the implementation of the Travel Rule, empowering VASPs to achieve compliance and roll out the Travel Rule in a matter of days.

According to a recent FATF survey, 34 jurisdictions have passed relevant laws introducing the Travel Rule, and 25 are in the process of passing legislation. Examples of jurisdictions where the Travel Rule is currently enforced includes Switzerland, Singapore, Germany, Japan, Dubai, and the United States, with the United Kingdom and Hong Kong set to enforce the rule this year. For an updated list of jurisdictional requirements and insights on the industry's adoption of the Travel Rule, please visit Notabene’s newly released State of Crypto Travel Rule Compliance Report.

“We are excited to partner with Fireblocks to offer the first fully integrated solution  between custody and the Travel Rule,'' said Pelle Braendgaard, CEO, Notabene. “The integration ensures that all transactions going to and from Fireblocks are compliant by tying compliance decisions to settlement. With Notabene, users can identify and stop high-risk activity such as laundering of proceeds from exchange or DeFi hacks before it settles with Fireblocks.”

Following last year’s turbulent events in the crypto industry, there is an urgency between VASPs, their customers, regulators, and banking partners to rebuild trust. As regulations continue to evolve and become more stringent, there is a pressing need for solutions ensuring institutions are compliant. 

Together with partners Chainalysis, Elliptic, and now Notabene, Fireblocks provides the simplest and most streamlined way for institutions to meet these evolving digital asset regulatory requirements and address industry threats through its Compliance Solutions Suite. 

“As the world embraces the rapid advancement of Web3 and digital assets, we need to ensure our solutions strike a balance between regulatory compliance and the inherent agility of this fast-paced technology sector. By partnering with industry-leading digital asset compliance solutions like Notabene, we are empowering our customers to navigate complex compliance requirements across multiple jurisdictions with ease,” said Jason P. Allegrante, Chief Legal & Compliance Officer, Fireblocks. “We are proud to provide our customers with an all-in-one suite for remaining compliant with ease, allowing them to focus on what matters most – innovation and growth.”

Fireblocks’ Compliance Solutions Suite eliminates the complexity for institutions to remain compliant by enabling them with: 

  1. Automated Screening Allows institutions to integrate compliance checks into every transaction, meaning each transaction is automatically screened based on configured compliance rules and provider data which prevents teams from sending and/or receiving risky transactions. 
  2. Compliance Policy Rules – Enables institutions to easily configure compliance policy rules based on risk scores generated by compliance providers. 
  3. Compliance Dashboard – Provides a single dashboard for all compliance operations, allowing easy management of policy rules for each compliance solution provider. 

To learn more about Fireblocks’ partnership with Notabene and how the integration can help your company meet its FATF Travel Rule standards, click here.

-ENDS-

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of financial institutions, has secured the transfer of over $4 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.

About Notabene

Notabene is crypto’s only pre-transaction decision-making platform, enabling customers to identify and stop high-risk activity before it occurs.  

Notabene's SafeTransact platform helps financial institutions and crypto businesses unlock their full potential in the digital economy. With a focus on security, privacy, and end-user experience, Notabene customers can use our multi-source data and software to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth rollout of Travel Rule compliance, all in line with global and local regulations.

Notabene has been SOC-2 security certified since 2021. Over 85 companies leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions, including Luno, Crypto.com, and Bitstamp. Headquartered in New York, Notabene is a global company with a presence in Switzerland, Singapore, Germany, and the United Kingdom. 

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