Brooklyn, New York, April 24, 2023 (GLOBE NEWSWIRE) -- Notabene has published its second comprehensive State of Crypto Travel Rule Compliance Report (https://notabene.id/state-of-crypto-travel-rule-compliance-report), which provides insightful results from their 2023 global Travel Rule compliance survey. This report follows the successful inaugural report, which provided the industry’s first-ever comprehensive analysis of Travel Rule compliance.
“This year’s report highlights that Travel Rule compliance is becoming increasingly global, with nearly a quarter (23%) of the surveyed companies needing to comply with Travel Rule requirements in more than one jurisdiction. These findings suggest that the Travel Rule is becoming more global in nature, underscoring the need for a solution to the common cross-border challenges posed by the Travel Rule,” says CEO Pelle Braendgaard.
The State of Travel Rule report includes survey results from financial institutions and crypto companies worldwide on how prepared they are for upcoming regulatory deadlines. Sixty-nine companies completed the survey, representing broad global coverage.
The report includes real-world feedback on differences in Travel Rule adoption across jurisdictions, approaches to implementation, components of compliance, and summarizes adoption pitfalls. Key findings show that 84% of companies are already complying or plan to by the end of 2023, and 75% of respondents impose some restrictions on transactions with self-hosted wallets. The report also found that of those who comply, 37.5% perform the travel rule post-transaction, not fulfilling today’s FATF requirements.
“Our global and diverse respondents have reinforced the global nature and the various levels of Travel Rule compliance.” says Lana Schwartzman, Head of Regulatory and Compliance at Notabene. “VASPs are asking for a unified and interoperable global approach for reaching their counterparties and transmitting Travel Rule messages. As a result, regulators must work together with industry to develop a unified approach to Travel Rule compliance that addresses the needs of the entire industry. We are already seeing this in the EU and UK and hope other regions will follow.”
This year’s report includes a comprehensive illustration of the current global state of Travel Rule adoption, showcasing key information regarding jurisdictional enforcement, including information on the enforcement status of each jurisdiction, as well as the threshold amount and self-hosted wallet obligations. This information is crucial for businesses seeking to comply with the Travel Rule.
About Notabene:
Notabene is crypto’s only pre-transaction decision making platform. We enable customers to identify and stop high-risk activity before it occurs.
Notabene’s SafeTransact platform helps financial institutions and crypto businesses unlock their full potential in the digital economy. With a focus on security, privacy, and end-user experience, Notabene customers can use our multi-source data and software to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth roll out of Travel Rule compliance, all in line with global and local regulations.
Notabene is SOC-2 security certified since 2021. Over 85 companies leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions, including Copper, Luno, Crypto.com and Bitstamp. Headquartered in New York, Notabene is a global company with presence in Switzerland, Singapore, and the United Kingdom.
Source: https://thenewsfront.com/notabene-report-findings-reveals-growth-in-travel-rule-adoption-globally/
