FATF Crypto Travel Rule Compliance Solution (2024)

Notabene’s SafeTransact is the only solution on the market helping you implement a complete Travel Rule compliance workflow without losing transaction volume.

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Pre-transaction decision-making in real-time at scale.

Streamline your transaction approval process and gain peace of mind. Our privacy-preserving platform allows you to approve transactions at scale in real-time. Proactively identify and stop high-risk activity before it occurs, ensuring the safety of your business.

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Powering compliant transactions for

Why Notabene

Streamline Counterparty Verification with Notabene: The Bank-Grade Solution for Financial Institutions and VASPs.

10,000+

Assets
supported

1,200+

VASPs in our Open Network

300+

Wallets
supported

120+

SafeTransact customers

20+

Jurisdictions supported

Achieve pre-transaction compliance with Notabene

Real-Time Decision-making

Step 1

Identify & screen all counterparties

Step 2

Perform VASP due diligence & assess risk

Step 3

Exchange travel rule information

Step 4

Automate TX flow and analyse insights

What is the FATF's Crypto Travel Rule?

The FATF Travel Rule mandates that cryptocurrency exchanges, digital wallet providers, and financial institutions exchange specific customer data when transacting cryptoassets above a defined threshold. This regulation aims to combat money laundering and enhance transparency within the crypto industry.

Travel Rule gives you visibility into who you are transacting with

How Notabene stacks up against FATF’s Travel Rule solution recommendations

In 2023, the FATF released recommendations to help VASPs choose a Travel Rule solution. See how our solution performs below.

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Why Choose Notabene for FATF Travel Rule Compliance?

Notabene’s SafeTransact provides a holistic view of all of your crypto transactions. Our fully integrated suite of tools helps you perform real-time decision-making by automating:

Travel Rule compliance in line with your local regulation
Counterparty sanctions screening
Self-hosted wallet identification

Trust and Compliance in One Dashboard

Notabene's secure dashboard empowers you to efficiently manage your Travel Rule data transfers. Approve or decline incoming and outgoing data transfer requests, securely store customer information, and generate comprehensive reports.

Automated Compliance

Effortlessly identify and verify your counterparties and streamline compliance with configurable risk-based rules set up in line with your business's risk criteria. Our platform instantly identifies FATF Travel Rule transactions, automates compliant transactions, and enables you to focus on suspicious activities.

Multi-Jurisdictional Approach

Collect essential beneficiary customer information, automate compliance thresholds per jurisdiction, and create jurisdiction-specific entities with unique compliance rules. No additional engineering resources required.

Seamless Data Exchange Across Multiple Protocols

Notabene supports transactions with various industry protocols, eliminating the uncertainty of counterparty protocol compatibility. Exchange data seamlessly, regardless of the protocol your counterparties use.

Counterparty Due Diligence

Establish trusted business relationships with ease. Create and authenticate your company profile, instantly verify transaction counterparties and perform risk analysis based on accurate information, updated in real-time.

Phased Approach to Travel Rule

Gradually roll out your Travel Rule compliance strategy with our SAFE Implementation program, and meet and evolve your risk-based approach and needs over time. Complete the first phase in under a week with only minimal technical integration.

Ready-to-use with Minimal Dev Resources

Notabene’s SafeTransact platform provides a ready-to-use solution. Requiring minimal integration effort for Travel Rule implementation. Get started immediately and demonstrate your commitment to compliance to regulators.

API and Dev Tools at your Disposal

Automate your risk-based approach and seamlessly integrate Notabene into your existing systems. Access our API and Dev Tools for a streamlined compliance experience.

End-to-end PII Encryption

Our industry-leading SafePII technology employs risk-based rules and end-to-end encryption to safeguard customer data. Your data remains under your control and is never shared. Safeguard both your data and your customers' information effectively.

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Pre-transaction decision-making in real-time at scale.

Leverage our extensive integrations and partnerships with leading AML and infrastructure solution providers to ensure complete compliance with the Travel Rule.

INFRASTRUCTURE
TECHNOLOGY

Privacy and Security

Bank-grade security at every layer

Cloud and Infrastructure best security practices
Realtime Security Vulnerability Checks before code release
All sensitive data is encrypted, at rest and in transport, using battle-tested encryption schemas
Multiple regions for data storage are available. Full physical data segregation is available for Enterprise customers

Industry’s strongest protection for your customer data

SafePII. The industry’s only escrowed exchange of encrypted PII
Compliant with EU GDPR, Singapore PDPA
Plug-and-play Travel Rule end-user data consent component

Enterprise Ready

24/7 uptime
Configurable enterprise SLA
SOC2 Type II compliant
Enterprise-ready authentication mechanisms available

Join the
Notabene Network

Connect to our global VASP ecosystem. Perform trusted transactions with over 900+ crypto companies and financial institutions.

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Become a trusted partner to VASPs globally.

Build a rich VASP profile and enhance your reputation as a compliant VASP. Set up your multi-entity structure to adopt a globally-compliant approach.

Gain real-time insights into your top counterparties.

Access over 900+ VASPs’ incorporation, regulatory and Travel Rule information. Automate due diligence and establish trusted relationships with top counterparties.

Overcome the Travel Rule’s ‘sunrise challenge*

Send and receive data transfers from/to any of your counterparties, even if they don’t have a Travel Rule solution in place yet.

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Two packages tailored to your risk-based approach.

Complete Compliance Solution

SafeTransact

Ready-to-use, minimum integration required

Seamless data exchange, regardless of the protocol

Onboarding and implementation support, live training and SLAs

Automated counterparty due dilligence

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SafeTransact Rise

Start complying in minutes. No protocol integration needed

Send up to $10k USD in transactions monthly

Receive and respond to unlimited incoming transactions

Full access to Notabene’s VASP Network

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Compliance at your pace

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 multi-protocol 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 counterparty 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.

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 Travel Rule threshold is 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 self-hosted 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 self-hosted wallets could constitute a higher risk and that local jurisdictions may mandate that VASPs transacting with self-hosted wallets perform an additional risk assessment. Many jurisdictions like Singapore, Switzerland, and the Netherlands are starting to instruct VASPs to verify owners of self-hosted wallets.