London, UK - August 17 2023
Over the course of four months, Notabene conducted two tests as part of the Financial Conduct Authority’s (FCA’s) Regulatory Sandbox. Firms that participated in these tests included Compliance Officers from Ramp Network, Bitstamp, Wirex, CoinPass, Altalix, Hidden Road, Bitpanda Custody, Uphold and Zodia Markets in a live testing environment of Notabene’s innovative Travel Rule compliance offering.
As part of the testing sessions, a variety of real-life scenarios were tested on Notabene’s platform. This exercise aimed to allow firms to assess how Notabene’s solution can improve participants’ readiness to comply with Travel Rule requirements, which enter into force on September 1, 2023. Developer teams executed the testnet script via the terminal, enabling virtual asset service providers (VASPs) to test different Travel Rule scenarios on Notabene’s platform against the unique requirements of the UK jurisdiction.
"The opportunity to directly interact with these real-world scenarios is crucial for compliance teams in understanding and responding to the challenges posed by the Travel Rule." - Lana Schwartzman, Head of Regulatory Compliance at Notabene
Through this interactive testing, compliance teams learned how Notabene’s solution helps firms to identify potential workflows, shared testnet learnings, and brainstormed solutions for compliance challenges. Importantly, participants gained first-hand experience with how Notabene’s tool tackles the impact Travel Rule flows will have on blockchain transactions, including how to integrate counterparty sanction screening into Notabene’s platform.
“Participating in Notabene's testing cohort within the FCA's Regulatory Sandbox has been an invaluable experience. The hands-on experience provided us with indispensable insights, allowing our compliance teams to grasp the intricacies of how Notabene will support us in implementing our travel rule obligations and effectively address our compliance needs in advance of the UK's September 1st regulatory deadline.” - Oliver Morgans, Head of Compliance and MLRO at Uphold Europe Uphold Europe Ltd
The testing phase concluded with an in-person roundtable discussion, where VASPs had the opportunity to reflect on Notabene’s test, share their main compliance challenges, network with industry peers, and engage in a dialogue about the cryptocurrency sector.
"We are thrilled to have participated in Notabene's testing cohort as part of the FCA's Regulatory Sandbox. The opportunity to engage with real-world scenarios has been invaluable in helping our compliance team understand and address the challenges posed by the Travel Rule.” - James Dalton, Deputy MLRO, Ramp Network
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About the FCA’s Regulatory Sandbox
The FCA ’s Regulatory Sandbox allows firms to test innovative offerings in a live and controlled environment. More information on the FCA’s regulatory sandbox can be found here.
The FCA's Regulatory Sandbox helps innovative firms, both incumbents and new players, navigate the regulatory landscape by providing them access to regulatory expertise, enabling product testing, accelerating market entry, and providing guidance, and was established to support the FCA’s objective of promoting effective competition in the interests of consumers.
For more information about the FCA’s Regulatory Sandbox or other FCA Innovation services, please contact/visit:
For more information about Notabene, please contact:
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 consideration of global and local regulations.
Notabene is SOC-2 security certified since 2021. Over 90 companies leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions, including Copper, Luno, Crypto.com, and Bitstamp. Headquartered in New York, Notabene is a global company with presence in Switzerland, Singapore, and the United Kingdom.
Notebene is not regulated or registered with the FCA.
