NEW YORK, NY - Notabene, an end-to-end solution for crypto regulatory compliance, announces partnership with Refinitiv, an LSEG (London Stock Exchange Group) business, one of the world’s largest providers of financial markets data and infrastructure, addressing FATF mandated counterparty screening during Travel Rule transactions.
Since 2018, the Financial Action Task Force (FATF) has compelled virtual asset service providers (VASPs) to share counterparty information when their customer’s crypto asset transactions exceed specific amounts. In order to comply with its targeted AML requirements, FATF also requires VASPs and other obligated businesses to screen their clients' counterparties.
Through the product integration with Refinitiv’s World-Check, Notabene customers can now automatically screen counterparties to the crypto transactions processed on their platform. In addition, the screening solution is built into Notabene’s rules engine, which allows joint customers to automatically detect and block transactions routed to sanctioned individuals. This interception can also be applied to incoming transactions–VASPs can stop or reject transfers coming from high-risk individuals.
Phil Cotter, Group Head Customer & Third Party Risk Solutions, Data & Analytics at LSEG comments:
“The Travel Rule is a critical step in regulating virtual assets, and will help ensure firms are better able to deter or detect money laundering, terrorist financing and related offenses. Refinitiv World-Check has been at the forefront of compliance in this space for over two decades, and we are excited to partner with firms such as Notabene that provide much-needed solutions to address the practical and technical challenges around Travel Rule Implementation. We look forward to expanding our cooperation with Notabene to provide the industry with further value-added solutions.”
Pelle Brændgaard, CEO of Notabene, adds:
“The Refinitv x Notabene functionality is a fantastic addition to any Compliance Team's arsenal of Travel Rule tools. The ability to automatically detect and halt transactions to and from sanctioned individuals from a single dashboard advances our efforts to combat money laundering and screening counterparties to cryptocurrency transactions. We’re looking forward to working together to make the process even more seamless and help the industry reduce frictions associated with screening of counterparties.”
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With over 40,000 customers, and 400,000 end-users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.refinitiv.com.
Notabene is a reg-tech Software-as-a-Service solution that turns regulatory compliance into a competitive advantage. Notabene is 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. Companies leverage our end-to-end FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage global transactions from one dashboard. Trusted by leading exchanges, Luno, Bitso, Crypto.com, and more. Notabene is headquartered in New York with offices in Zug and Santiago de Chile. To learn more, visit www.notabene.id.
Silke Marsh – Director, Communications
Alice Nawfal – COO