TRAVEL RULE SOLUTION

The Travel Rule now applies to crypto transactions.
Is your business ready?

What is the FATF's Travel Rule?

The FATF Travel Rule is a new requirement for cryptocurrency exchanges, digital wallet providers, and financial institutions that exchange, hold, safe keep, convert and sell virtual assets. This rule requires virtual asset service providers (VASPs) to disclose specific customer data when transacting cryptoassets over a particular threshold.

Our solution

Ready-to-use, minimum integration required

Send your first FATF Travel Rule data transfer today. Show your regulators the first steps towards compliance.

Automated counterparty identification

Set rules to instantly identify and verify your business partners and their compliance standards.

Seamless data exchange, regardless of the protocol

Unsure of which protocol your counterparty uses? We've got you covered. Notabene supports the most widely used industry protocols.

Trust + Compliance in one platform

SECURE DASHBOARD

Manage your Travel Rule data transfers

  • Approve and decline incoming and outgoing travel rule data transfer requests
  • Securely exchange and store customer information
  • Generate Travel Rule reports
COUNTERPARTY VERIFICATION

Establish trusted business relationships

  • Create and authenticate your company profile
  • Instantly verify your transaction counterparties
  • Perform risk analysis based on accurate and up-to-date information
AUTOMATED RISK RULES

Set criteria for your risk-based approach

  • Automate transactions with counterparties that meet your internal risk criteria
  • Save time and focus on the most suspicious transactions
  • Immediately identify transactions that fall under the FATF Travel Rule
what is the travel rule?
Learn more about the Travel Rule, jurisdiction requirements and how it impacts your business...

Secure VASP messaging with TR Now

Share Travel Rule data with any company, regardless if they have a compliance solution in place.

TR Now is a lightweight messaging solution built to address the  “Sunrise” problem.

With TR Now, compliance officers can send and receive Travel Rule data transfers from any company, regardless of their stage of implementation.

How IT works

The originator VASP creates a Travel Rule data transfer and sends it to their counterparty VASP. The counterparty VASP doesn't need to be a part of the Notabene network.

The beneficiary VASP receives an email notification with a link to an encrypted Travel Rule transfer.
The beneficiary VASP authenticates itself, confirms the beneficiary address is theirs.

The beneficiary VASP accesses IVMS-101 Originating Customer information via a secure dashboard.
The beneficiary VASP confirms the transaction.

SUPPORTED PROTOCOLS
For Compliance Officers

Holistic Views from Notabene’s Travel Rule compliance dashboard

  • Communicate with any VASP using our protocol-agnostic approach, regardless if they are compliant yet or not
  • Set risk-based rules for scalable automation
  • Comply with cross-jurisdictional requirements
FOR BUSINESS LEADS

Turn Travel Rule compliance into a growth strategy

  • Build the next suite of regulatory compliant financial products
  • Unlock new geographies and expand into new customer segments.
  • Increase regulators’ trust in your business. Gain a competitive advantage.
FOR Developers

Seamless integration for automated compliance

  • Choose any programming language to implement Notabene
  • Use our interactive developer documentation
  • Talk to our in-house Solutions Engineers to guide integration

Sunrise plan

FREE | NO INTEGRATION REQUIRED

Start with the basics. Ease into Travel Rule compliance with our code-free, low-effort Sunrise plan. Ramp up the full implementation when you're ready.

Learn more
Incoming TX
unlimited
OUTGOING TX
up to US$10k
DASHBOARD
full access
VASP Directory
full access

By clicking “Get started” you’re agreeing to sign up to Notabene’s Sunrise plan

Travel Rule around the world

FAQ

Travel Rule solution

Why choose Notabene as a Travel Rule compliance solution?

We help financial institutions and virtual asset service providers (VASPs) comply with the FATF’s Recommendation 16 “Crypto Travel Rule” as required by domestic regulators in a growing number of jurisdictions.

  • Notabene is the only end-to-end Travel Rule compliance solution that offers a protocol-agnostic approach to Travel Rule compliance
  • Easy to use dashboard & ability to set risk management rules
  • Our in-house solution, TRNow, allows counterparty VASPs to share, send, receive, and store required PII data privately and securely

How do I make my crypto business Travel Rule compliant?

To comply with the FATF Crypto Travel Rule, your VASP needs software that for every transaction:

  • Performs robust due diligence or KYC process on counterpart institutions
  • Identifies counterparty wallet type (pre-transaction)
  • Identifies risk-related details about the beneficiary through blockchain analytics and sanctions screening providers
  • Allows you to safely send or receive encrypted customer personally identifiable information (PII) through various messaging protocols
  • Stores encrypted customer PII for up to five years
  • Generates reports for local regulators

What is the FATF Travel Rule?

The FATF Recommendation 16 on Wire Transfers, “Travel Rule,” requires member countries’ virtual asset service providers (VASPs), financial institutions, and obliged entities to exchange originator and beneficiary identifying information with counterparties during transmittals above $1,000.* It is important to note that different jurisdictions have different transaction threshold amounts.

Is the FATF Crypto Travel Rule related to the Bank Secrecy Act (BSA)?

Future business opportunities after complying with the FinCEN Travel Rule are immense. FATF Travel Rule compliance presents the most significant opportunity for virtual assets to become widely accepted in everyday use cases. Cryptocurrency companies that comply will have better access to traditional banking, which will allow easier access to institutional investors. They will also be able to provide more visibility and trust around each transaction for their customers.

When does the FATF Crypto Travel Rule go into effect?

During the second 12-month review of the revised FATF standards on virtual assets and VASPs that came out in March 2021, the FATF advised their members to implement the travel rule into their domestic legislation “as soon as possible,” including consideration of a staged approach to implementation as appropriate. FATF members shall discuss implementation status through outreach by June 2022. (Section 6: 140)b)

What customer information comprises the FATF Crypto Travel Rule?

FATF stipulates that in transactions over a certain threshold, the originator VASPs must include and send the following:

  • The name of the originator
  • The blockchain address of the originator
  • The identity of the originator’s VASP
  • The originator’s identification number, e.g., National ID number or Passport number
  • The virtual asset type and the amount being transmitted, and
  • The identity of the beneficiary’s financial institution
  • The name of the beneficiary
  • The blockchain address or account number of the beneficiary

*It is important to note that different jurisdictions may require slightly different information.

What is the minimum threshold for collecting, retaining, and transmitting customer data in a Travel Rule transaction?

The threshold amount for sending travel rule data varies from jurisdiction to jurisdiction. For instance, the FATF recommends that Virtual Asset Service Providers (VASPs) share certain personally identifying information about the recipient and receiver for cryptocurrency transactions over USD/EUR 1000 globally. Meanwhile, the United Kingdom’s HM Treasury requires Travel Rule data transfers for transactions over GBP 1,000. Additionally, some jurisdictions like the UK, EU, and Singapore require the exchange of travel rule data below the threshold, but with a limited amount of data.

Do transactions to unhosted wallets fall under the FATF Crypto Travel Rule regulation?

Currently, the FATF found no need to amend standards to include P2P transactions. However, FATF acknowledges that unhosted wallets could constitute a higher risk and that local jurisdictions may mandate that VASPs transacting with unhosted wallets perform an additional risk assessment. Many jurisdictions like Singapore, Switzerland, and the Netherlands are starting to instruct VASPs to verify owners of unhosted wallets.