This collaboration solves a crucial yet overlooked challenge presented by FATF’s anti-money laundering standards on virtual assets which mandate that Virtual Asset Service Providers carry out due diligence on their counterpart VASPs before engaging in a business relationship with them. Additionally, if a counterpart VASP’s regulatory status cannot be determined as regulated, the originating VASP may deem it high risk and restrict all transaction flow.
With Notabene’s integration of VASPnet’s reference data, firms can confidently make comprehensive and well-informed risk-based decisions to help manage their AML/CFT risk using real-time, high-quality data directly sourced from regulators.
VASPdata is the world’s largest dataset of up-to-date authoritative regulatory data on 28,000 service providers authorised to conduct virtual asset activities. VASPdata will support Notabene’s mission to remove regulatory complexity by adding transparency to firms’ transaction flows. Armed with VASPdata, Notabene will enhance how firms comply with FATF’s Recommendation 16.
Notabene benefits from data that is assured by the VASPnet Verified freshness seal, ensuring Notabene’s customers receive only up-to-date and accurate regulatory information. With VASPdata and Notabene’s proprietary Rules Engine, Notabene’s customers can set robust regulatory rules into place, and scale ‘safe’ flows to regulated VASPs.
Quote from Notabene’s CEO Pelle Braendgaard:
“Implementing the travel rule requires you to trust that your counterparty exchange has properly verified their customers. Performing manual due diligence on the often 100s of counterparty exchanges that an average exchange interacts with will lead to loss of business or increased risk of fines. Notabene’s partnership with VASPnet is the first service allowing exchanges to continue to transact with thousands of counterparties, while at the same time managing their own risk appetite.”
Quote from VASPnet Executive Chair Siân Jones:
“Counterpart due diligence is a cornerstone requirement in FATF’s VASP-to-VASP value transfer standards. With real-time access to VASPdata’s authoritative regulatory information on licensed VASPs around the world, Notbene’s customers will be one step closer meeting their AML compliance obligations.”
VASPnet is the assured source of VASP regulatory data. VASPnet provides the authoritative data to confidently make well-informed, risk-based decisions and help meet AML/CFT obligations. VASPnet Ltd, an XReg company, is headquartered in Gibraltar, a leading cryptoasset jurisdiction. Visit www.vaspnet.com to find out more. Follow us on LinkedIn.
Notabene is a reg-tech compliance SaaS solution that connects the traditional financial industry and crypto industry. We are working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Using privacy-preserving technology, strategic partnerships and commitment, our first-to-market FATF Travel Rule solution helps financial institutions, crypto exchanges, and businesses turn compliance into a competitive advantage. Trusted by leading exchanges, Luno, Bitso, Crypto.com and more.