Fireblocks, Notabene to simplify compliance

Tuesday 9 May 2023 10:50 CET | News

Fireblocks has launched a compliance solutions suite to simplify how customers meet digital asset regulatory requirements and integrated with Notabene for Travel Rule compliance.


The Fireblocks Compliance Solutions Suite lets  Fireblocks customers integrate transaction monitoring, wallet screening, and Travel Rule compliance within their existing transaction and compliance workflows and approvals in an easy manner.

Per the information provided in the press release, current integrations with Chainalysis and Elliptic enable Fireblocks customers to build Know Your Transaction (KYT) and anti-money laundering (AML) into their daily operations, and the company is now expanding the suite with the Notabene integration for Travel Rule compliance.

Compliance and Fireblocks’ solution capabilities

Customers leveraging any of these integrations will be enabled to:
  • Save time and resources by utilising a single dashboard for compliance operations as opposed to managing multiple compliance vendor environments.

  • Configure transaction policies in an easy manner with a basis on compliance rules and risk scores generated by Fireblocks’ compliance integrations.

Jason P. Allegrante Chief Legal and Compliance Officer at Fireblocks advised that as the world embraces the expedited advancement of Web3 and digital assets, the company needs to ensure its solutions balance regulatory compliance and the agility of this fast-paced tech sector. Per their statement, following the collaboration with digital asset compliance solutions like Notabobe, Fireblocks enables its customers to navigate complex compliance requirements across a multitude of jurisdictions with ease, and the company looks forward to providing them with an all-in-one suite to remain compliant easily, allowing them to focus on innovation and growth.

Fireblocks has launched a compliance solutions suite to simplify how customers meet digital asset regulatory requirements and integrated with Notabene for Travel Rule compliance.

Notabene integration details and what it entails for Travel Rule compliance

The announcement details Fireblocks’ integration with Notabene comes as the industry is going through an increase in regulatory uncertainty, with regulations continuing to evolve and become increasingly stringent following the events surrounding FTX and Binance . As such, there is an urgent requirement towards solutions that help ensure compliance for institutions.

The FATF Travel Rule requires virtual asset service providers (VASPs) to collect and disclose specific customer data whenever transacting digital assets exceeding a particular value threshold. Despite this, disclosure, together with threshold requirements and enforcements are vastly different throughout global jurisdictions and present a challenge to keep track of. Per the press release, a simple solution is required to manage Travel Rule requirements no matter where a business operates to have compliance ensured for both them and their counterparties.

The Notabene integration enables customers to:
  • Approve and decline Travel Rule data transfer requests.

  • Automate transactions that meet their criteria.

  • Identity and verify business partners in an instant manner.

  • Exchange and store customer information securely.

  • Generate Travel Rule reports.

  • Support the most extensively leveraged industry protocols.

Commenting on this, Pelle Braendgaard CEO of Notabene advised that the company is looking forward to partnering with Fireblocks and providing a fully integrated solution between custody and the Travel Rule. As per their statement, the integration helps ensure that all transactions to and from Fireblocks are compliant by tying compliance-related decisions to settlement. Furthermore, the spokesperson advised that with Notabene, users can identify a stop high-risk activity like laundering of proceeds from an exchange or DeFi hacks ahead of it settling with Fireblocks.

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Keywords: partnership, product launch, FATF, Travel Rule, compliance, regulation, digital assets, web3, DeFi, crypto, fintech, AML, transaction monitoring, financial crime, virtual asset, KYT, screening, digital wallet
Categories: Fraud & Financial Crime
Companies: Fireblocks, Notabene
Countries: United States
This article is part of category

Fraud & Financial Crime




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