Tether will test the Notabene Cross-Border Payment Monitoring System for Virtual Asset Service Providers (VASP) to help fight financial crime.
Developer Notabene offers a low-risk environment in which complex cryptographic use cases can be tested. Tether will use Notabene technology to determine if it is possible to securely transfer customer identities to other VASP providers.
In early October, Notabene, in collaboration with the Financial Services Regulatory Authority (FSRA), completed testing of cross-border transactions with seven companies. In addition, Notabene technology allows for real-time tracking of cryptocurrency transactions, making cash flows more transparent to regulators.
Financial Action Task Force on Money Laundering (FATF), which sets standards for combating financial crime,
identifiedthat VASP providers must adhere to the same rules as regulated financial institutions. The Rule of Travel encourages suppliers to transfer customer data between counterparties for transactions that exceed a certain threshold.
“Since the ‘rule of travel’ usually applies to financial institutions, we believe that now is the right time for traditional and digital financial channels to collaborate in order to create better services for clients around the world,” said Leonardo Real. , commercial director of Tether.
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