Regulatory technology (RegTech) company, Notabene, has announced the Sunrise Plan, allowing Virtual Asset Service Provider (VASP) counterparties to respond to Travel Rule data transactions for free. The term “sunrise” refers to a time period when the Travel Rule is not yet fully implemented in all jurisdictions.
When customers’ counterparties have to comply with regulated data transfers, the service can assist them maintain transaction volume. Also, users can perform mandatory VASP due diligence, as well as unlimited data transfers in response to Travel Rule requests and free transfers of up to $10K per month.
Why the Sunrise Plan matters to Notabene’s mission
There are a lot of companies that aren’t quite ready for sunrise, and if their counterparts don’t respond to outward transfer requests, then they aren’t totally compliant with the Travel Rule. Notabene sees this as a critical issue, and therefore it has put out the Sunrise plan.
The Sunrise Plan by Notabene addresses a major problem that prevents VASPs from complying with the required regulation. Compliance Officers benefit from Notabene’s award-winning connections with blockchain analytics and sanctions screening providers. This involves a simple, no-integration solution that offers access to Notabene’s comprehensive Travel Rule compliance dashboard.
“Our customers’ success is critical—and they cannot succeed if their counterparties don’t have the tools readily available to respond to them. Implementing the Travel Rule comes with novel complexity as it requires ongoing assistance to set up new compliance and operational processes,” said Pelle Braendgaard, CEO and Co-Founder of Notabene.
Identification of Virtual asset accounts is possible through Notabene’s end-to-end FATF Travel Rule solution. This enables companies to execute the mandatory VASP due diligence and manage worldwide transactions from one dashboard. Through the provision of software, tools, and comprehensive data for the management of regulatory and counterparty risks in cryptocurrency transactions, it is trying to make crypto transactions an integral part of the economy as a whole.