LONDON, NEW YORK – June 16, 2021: Notabene, a fast-growing FATF Travel Rule solution provider, has integrated with Elliptic, the global leader in cryptoasset risk management and blockchain analytics.
The intergovernmental FATF Travel Rule requires virtual asset service providers (VASPs) to exchange counterparty information when cryptoasset transactions exceed certain limits for all their customers.
Countries that have implemented the Travel Rule include the United States, Switzerland, and Singapore. Other jurisdictions are not far behind in enforcing these rules over the next 12 months.
With Notabene and Elliptic’s integrated solution, VASPs can automate transactions with trusted counterparties while providing them with the data they need to detect suspicious activity and meet their regulatory requirements.
In April, three crypto companies in Singapore completed the testing of automated Travel Rule transfers using Notabene. This made them some of the first VASPs ready to roll out full Travel Rule compliance at scale on their platforms.
“When it comes to compliance with the Travel Rule, VASPs are now in a rush to implement scalable solutions and come live. We expect the next six to twelve months will be a pivotal time for the crypto industry as VASPs overcome outstanding challenges and determine how to collaborate with each other effectively”, Alice Nawfal, Chief Operating Officer of Notabene, said:” We are excited to partner with Elliptic so that VASPs can have access to rich transaction data when performing Travel Rule transfers. This helps them make smarter compliance decisions.”
“Crypto companies are increasingly expecting counterparties to be Travel Rule compliant, or they will not do business with them”, Elsa Said-Armanet, Director of Partnerships at Elliptic, said: “Now we can offer Notabene alongside Elliptic’s crypto risk monitoring solutions to help VASPs comply to the Travel Rule today, wherever they are, and transact with any counterparty, even if they didn’t implement a solution on their side yet.”
Notabene provides top crypto businesses and financial institutions with software and tools to manage risk in crypto transactions. Notabene’s customers are able to assess whether counterparties are safe to transact with and perform any regulatory actions required. Notabene offers the most secure Travel Rule fulfillment solution while simultaneously providing the broadest network coverage of compliant VASPs.
Elliptic is the go-to provider of enterprise-grade crypto compliance solutions for fintechs, crypto exchanges, and traditional financial institutions. Elliptic’s customers can assess risk on transactions across more than 100 different assets - including cryptocurrencies, stablecoins, and tokens. This represents the broadest coverage of any crypto transaction screening solution, with support for over 97% of all cryptoassets by trading volume.
Notabene helps crypto businesses and financial institutions manage regulatory and counterparty risks around crypto transactions. Notabene provides software, tools, and comprehensive data that helps businesses implement the new requirements of the FATF guidelines including the Travel Rule and identification of virtual asset accounts. They use Notabene to manage risk and deliver a best-in-class payment experience to their customers. Notabene is headquartered in New York with offices in Zug and Santiago de Chile. To learn more, visit www.notabene.id and follow us on LinkedIn and Twitter.
Elliptic is the global leader in cryptoasset risk management for crypto businesses and financial institutions worldwide. A WEF Technology Pioneer, Elliptic is backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, and has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn, Medium, and Twitter.