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Notabene Launches SAFE Implementation Phases for Travel Rule

Abi Bryant Spolar
Abi Bryant Spolar
May 17, 2023
Expert Customer Success leader, skilled in building customer relationships, developing success strategies, and guiding growth in innovative industries.

Notabene, the crypto pre-transaction decision-making platform, has announced the launch of SAFE Implementation phases for a fast and straightforward rollout of the Travel Rule. The new launch is the latest addition to Notabene’s comprehensive compliance solution and underscores our continued commitment to enabling secure, trusted crypto transactions.

Crypto businesses or VASPs (Virtual Asset Service Providers) are required to comply with the Financial Action Task Force’s (FATF) Travel Rule, which mandates that certain identifiable information be shared between institutions before crypto transactions over a certain threshold. While compliance with the Travel Rule is crucial to operating in the crypto industry, many companies have faced challenges in implementing it effectively, largely due to the unclear nature of the regulation and the differences in timelines and requirements for jurisdictional rollout.

Taken from the 2023 State of Crypto Travel Rule Compliance survey results

In Notabene's 2023 State of Crypto Travel Rule Compliance Report, legal uncertainty was cited by nearly a quarter (22%) of respondents as the main hindrance to compliance, which has caused the industry's progress to stall. As the rollout of FATF’s Travel Rule has been inconsistent globally, compliance officers are facing the difficult decision of when and how to implement travel rule requirements with minimal impact on transaction flow. This is why Notabene is offering a phased implementation process that simplifies operational risk and provides analytics to guide you through your Travel Rule rollout.  

What is SAFE implementation?

SAFE Implementation enables customers to meet regulatory guidelines and evolve their own risk-based approach and needs over time - with the first phase requiring less than a week with only minimal technical integration. Furthermore, as part of the implementation phases, Notabene's SafeTransact platform provides industry-unique support for multiple legal entities. This makes it easier for you to expand seamlessly into multiple jurisdictions without worrying about complex legal and compliance issues.

These implementation phases demonstrate how the Travel Rule would affect your transaction flow today and what steps to take toward full compliance. Phasing Travel Rule rollout in this way allows companies to connect their internal systems before sending real transactions, with only minor technical changes needed, and gradually manage when to start sending and responding to transactions based on your own data. Working with the Notabene team, you can take a step-by-step approach to Travel Rule compliance or go straight to full compliance, depending on your jurisdictional requirements.

How to use SAFE Implementation?

Each phase comprises required and optional actions, which compliance and technical teams can prioritize depending on their use case and timeline. Once you have completed the required tasks in each phase, you will progress to the next stage.

Notabene's SAFE Implementation phases

Our phased Travel Rule rollout plan has been thoroughly designed and optimized to ensure easy and fast integration. This means your team can be up and running quickly, with minimal effort. You can save additional resources and streamline your operations by leveraging our existing integrations with leading custodians, MPC wallets, and blockchain analytics providers. 

Get started with Travel Rule today

If you're just getting to grips with Travel Rule compliance, our free SafeTransact-Rise plan is the best place to start. You can start using our platform without any integration required and begin enjoying the benefits of our advanced compliance features. With SafeTransact-Rise, you can take the first step towards ensuring that your business fully complies with Travel Rule regulations without any upfront costs or commitments.

The SAFE implementation phases for Travel Rule are just one of many features Notabene offers to help customers comply with regulations. We understand that regulatory compliance is a complex and ever-evolving issue, and we are committed to providing our customers with the tools and expertise they need to stay ahead of the game. Our team of experts is always available to answer any questions about regulatory compliance, and we are constantly updating our solutions to ensure that they meet the latest regulatory requirements.