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US-based Nottabene has published its second ‘State of Crypto Travel Rule Compliance’ report, which shows the results of its 2023 Global Travel Rule Compliance Survey.
The Travel Regulation report includes survey results from financial institutions and crypto companies on how prepared they are for the upcoming regulatory deadlines. Sixty-nine companies, representing broad global coverage, completed the survey.
How crypto companies and FIs deal with regulations
According to Notabene executives, this report highlights that travel regulatory compliance is becoming increasingly global, with nearly a quarter (23%) of companies surveyed having to meet travel regulatory requirements in more than one jurisdiction. These findings suggest that travel regulation is becoming increasingly global in nature, pointing to the need to address the common transnational challenges posed by travel law.
Key findings show that 84% of companies have agreed or plan to by the end of 2023, and 75% of respondents will impose some restrictions on self-hosted wallet transactions. The report states that 37.5% of those that do follow the travel rules post-transaction and do not meet today’s FATF requirements.
Notabene’s regulatory and compliance team said the global and diverse nature of their respondents has strengthened compliance with the global nature and diversity of travel legislation. VASPs are demanding a unified and interoperable global approach to reach their peers and communicate travel regulation messages. As such, regulators should work with the industry to develop a uniform approach to compliance with travel guidelines that meets the needs of the entire industry. They are seeing this in the EU and the UK and hope that other regions will follow suit.
The 2023 report includes an overview of the current state of global travel law adoption, showing key data on law enforcement, information on each jurisdiction’s implementation status, as well as thresholds and self-handled wallet obligations. This information is important for businesses that want to comply with the travel regulation.
What does Notabene do?
NotaBene is a crypto pre-trade decision making platform. It allows customers to identify and stop high-risk activity before it occurs.
The Notabene Safe Transaction platform helps financial institutions and crypto businesses unlock their 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 associated block filters, identify self-hosted wallets and complete smooth packages. Apart from compliance with travel laws, all conform to international and local regulations.
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