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Notabene and Elliptic partner to provide a FATF-compliant solution to crypto businesses & banks

By Pavithra R

June 17, 2021

  • Notabene
  • Singapore
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Notabene and Elliptic partner to provide a FATF-compliant solution to crypto businesses & banksNotabene, helping manage regulatory and counterparty risk in crypto transactions has announced partnering with Elliptic, a leading provider of crypto-asset risk management and blockchain analytics solutions.

Under the collaboration, the companies will launch a ready-to-use solution that complies with FATF Recommendations to virtual asset service providers (VASPs) and financial institutions (FIs).

The intergovernmental FATF Travel Rule requires VASPs to exchange counterparty information when cryptoasset transactions exceed certain limits for all their customers. Countries that have implemented the Travel Rule include the United States, Switzerland, and Singapore. Other jurisdictions are not far behind to enforce these rules over the next 12 months.

With the new integrated solution, VASPs can automate transactions with trusted counterparties while providing them with the data they need to detect suspicious activity and meet their regulatory requirements.

“When it comes to compliance with the Travel Rule, VASPs are now in a rush to implement scalable solutions and come live. We expect the next six to twelve months will be a pivotal time for the crypto industry as VASPs overcome outstanding challenges and determine how to collaborate with each other effectively. We are excited to partner with Elliptic so that VASPs can have access to rich transaction data when performing Travel Rule transfers. This helps them make smarter compliance decisions,” said Alice Nawfal, Chief Operating Officer of Notabene.

In April, three crypto companies in Singapore completed the testing of automated Travel Rule transfers using Notabene. This made them some of the first VASPs ready to roll out full Travel Rule compliance at scale on their platforms.

“Crypto companies are increasingly expecting counterparties to be Travel Rule compliant, or they will not do business with them. Now we can offer Notabene alongside Elliptic’s crypto risk monitoring solutions to help VASPs comply to the Travel Rule today, wherever they are, and transact with any counterparty, even if they didn’t implement a solution on their side yet,” said Elsa Said-Armanet, Director of Partnerships at Elliptic.

Notabene provides top crypto businesses and financial institutions with software and tools to manage risk in crypto transactions. Its customers are able to assess whether counterparties are safe to transact with and perform any regulatory actions required.

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