SafeTransact: Your Solution to Crypto Pre-Transaction Decision-Making
Within our series, we've explored:
In this final installment, we share Notabene's SafeTransact as a solution, simplifying pre-transaction steps essential for blockchain activity.
Let's dive in.
Integrating FATF's Travel Rule requirements involves various business aspects, impacting many departments and stakeholders. Notabene's commitment to simplifying this integration is evident, enabling VASPs to initiate their compliance programs with minimal disruption.
Before authorizing a regulated blockchain transaction, VASPs must:
Yet our recent research indicates a disparity: 40% of compliant VASPs delay Travel Rule data sharing until after blockchain transactions occur. SafeTransact is engineered to change this, ensuring compliance prior to transaction execution.
SafeTransact: A Suite of Tools for Crypto Pre-Transaction Decision-Making
Notabene’s SafeTransact is the first platform that enables Compliance Officers to identify and stop high-risk crypto activity before it occurs.
Below, we break down SafeTransact's four major components that help VASPs implement pre-transaction decision-making.
1. SafeConnect—Identify and Screen Counterparties
SafeConnect assists in identifying and screening counterparties in the pre-transaction process, an essential step to safeguard businesses from any potential legal repercussions resulting from transactions with sanctioned entities. It leverages data from blockchain analytics, client activities, and direct end-customer input, ensuring thorough identification and compliance with jurisdictional nuances.
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The Network Discoverability feature enhances the visibility of VASPs, allowing Notabene users to share their hashed blockchain addresses for easy recognition in transactions. From there, VASPs can manage their address books. It also offers tools for VASPs to organize their contacts.
Finally, once parties are verified, VASPs can evaluate transaction risks by using Notabene’s marketplace tools to conduct sanctions screening and analyze the risk associated with blockchain addresses.
2. Notabene Network—Enhanced VASP Due Diligence and Risk Assessment
After sanction screening, attention shifts to evaluating the counterparty VASP's trustworthiness and security standards. The Notabene network provides a comprehensive selection of VASP profiles, each supported by up-to-date, third-party-verified data. For an added layer of compliance, companies can also exchange standardized due diligence questionnaires with one another through our platform, offering a scalable method for verifying counterparties.
3. Notabene Dashboard—Streamline Travel Rule Information Exchange
This comprehensive transaction hub consolidates critical Travel Rule data, enabling an organized and accessible overview of transactions. It serves as a one-stop compliance management solution, where all relevant transaction details are organized for efficient access and decision-making.
4. Rules Engine—Automate the entire process
Automating checks is essential for a seamless Travel Rule compliance process that doesn't slow down transactions. Compliance Officers can easily set and enforce compliance measures across transactions using our Rules Engine.
Our in-app automation ensures that compliance evaluations and Travel Rule decisions are integrated with transaction results. Notabene users can manage compliance procedures and workflows directly through the user interface. The dashboard provides a simple way to integrate your anti-money laundering (AML) providers, swiftly update your rules, and prevent illicit transactions in real time.
Conclusion
SafeTransact brings together a suite of tools that offer a secure, holistic view of crypto transactions, enabling our subscribers to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and?complete the smooth rollout of global Travel Rule compliance in line with international regulations.
Addressing the crucial need for pre-transaction compliance, SafeTransact stands out as the most complete solution in the industry to meet the FATF's Travel Rule requirements. With tools for swift risk assessment, secure data exchange, and critical partner verification, SafeTransact ensures that VASPs can maintain the pace of digital transactions without compromising safety.