- Notabene and Elliptic launch a ready-to-use resolution that complies with FATF Recommendations to digital asset service suppliers (VASPs) and monetary establishments (FIs)
- VASPs and FIs can automate the alternate of counterparty info throughout cryptoasset transactions securely and privately
LONDON and NEW YORK, June 16, 2021 /PRNewswire/ — Notabene, a fast-growing FATF Travel Rule resolution supplier, has built-in with Elliptic, the worldwide chief in cryptoasset danger administration and blockchain analytics.
The intergovernmental FATF Travel Rule requires digital asset service suppliers (VASPs) to alternate counterparty info when cryptoasset transactions exceed sure limits for all their prospects.
Countries which have carried out the Travel Rule embrace the United States, Switzerland, and Singapore. Other jurisdictions aren’t far behind to implement these guidelines over the following 12 months.
With Notabene and Elliptic’s built-in resolution, VASPs can automate transactions with trusted counterparties whereas offering them with the info they want to detect suspicious exercise and meet their regulatory necessities.
In April, three crypto firms in Singapore accomplished the testing of automated Travel Rule transfers utilizing Notabene. This made them a number of the first VASPs prepared to roll out full Travel Rule compliance at scale on their platforms.
“When it comes to compliance with the Travel Rule, VASPs at the moment are in a rush to implement scalable options and come reside. We anticipate the following six to twelve months might be a pivotal time for the crypto trade as VASPs overcome excellent challenges and decide how to collaborate with one another successfully”, Alice Nawfal, Chief Operating Officer of Notabene, stated:” We are excited to associate with Elliptic in order that VASPs can have entry to wealthy transaction information when performing Travel Rule transfers. This helps them make smarter compliance selections.”
“Crypto firms are more and more anticipating counterparties to be Travel Rule compliant, or they won’t do enterprise with them”, Elsa Said-Armanet, Director of Partnerships at Elliptic, stated: “Now we are able to provide Notabene alongside Elliptic’s crypto danger monitoring options to assist VASPs comply to the Travel Rule as we speak, wherever they’re, and transact with any counterparty, even when they did not implement a resolution on their aspect but.”
Notabene supplies high crypto companies and monetary establishments with software program and instruments to handle danger in crypto transactions. Notabene’s prospects are in a position to assess whether or not counterparties are protected to transact with and carry out any regulatory actions required. The Notabene resolution provides essentially the most safe resolution to carry out the Travel Rule, in addition to the widest protection of VASPs to carry out transfers with.
Elliptic is the go-to supplier of enterprise-grade crypto compliance options for fintechs, crypto exchanges, and conventional monetary establishments. Elliptic’s prospects can assess danger on transactions throughout greater than 100 completely different property – together with cryptocurrencies, stablecoins, and tokens. This represents the broadest protection of any crypto transaction screening resolution, with assist for over 97% of all cryptoassets by buying and selling quantity.
Media Contact
Alice Nawfal
[email protected]
Sacha Lowenthal
[email protected]
About Notabene
Notabene helps crypto companies and monetary establishments handle regulatory and counterparty dangers round crypto transactions. Notabene supplies software program, instruments, and complete information that helps companies implement the brand new necessities of the FATF pointers together with the Travel Rule and identification of digital asset accounts. They use Notabene to handle danger and ship a best-in-class fee expertise to their prospects. Notabene is headquartered in New York with places of work in Zug and Santiago de Chile. To be taught extra, go to www.notabene.id and comply with us on LinkedIn and Twitter.
About Elliptic
Elliptic is the worldwide chief in cryptoasset danger administration for crypto companies and monetary establishments worldwide. A WEF Technology Pioneer, Elliptic is backed by traders together with Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, and has assessed danger on transactions price a number of trillion {dollars}, uncovering actions associated to cash laundering, terrorist fundraising, fraud, and different monetary crimes. Elliptic is headquartered in London with places of work in New York, Singapore, and Tokyo. To be taught extra, go to www.elliptic.co and comply with us on LinkedIn, Medium, and Twitter.
SOURCE Elliptic
