Notabene's report reveals growth in Travel Rule adoption globally

Tuesday 25 April 2023 10:13 CET | News

US-based Notabene has published its second ‘State of Crypto Travel Rule Compliance’ report, which showcases results from their 2023 global Travel Rule compliance survey.


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.

US-based Notabene has published its second ‘State of Crypto Travel Rule Compliance’ report, which showcases results from their 2023 global Travel Rule compliance survey.

How crypto companies and FIs cope with regulations

As executives from Notabene say, this 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.

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.

The regulatory and compliance team of Notabene said that their global and diverse respondents have reinforced the global nature and the various levels of Travel Rule compliance. 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. They are already seeing this in the EU and UK and hope other regions will follow.

The 2023 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 important for businesses seeking to comply with the Travel Rule.

What does Notabene do?

Notabene is a crypto pre-transaction decision making platform. They 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 their 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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cryptocurrency, regulation, compliance, report, FATF
Categories: DeFi & Crypto & Web3
Companies: Notabene
Countries: World
This article is part of category

DeFi & Crypto & Web3


Discover all the Company news on Notabene and other articles related to Notabene in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events