Market-leading regtech’s next-generation solution helps stop phishing attacks in sensitive compliance systems and access to personally identifiable information (PII).
NEW YORK, October 6, 2022 /PRNewswire/ — On a mission to enable secure and trustworthy crypto transactions, note, the leading global full-service travel rules compliance platform, today announced the launch of SafePII, the first end-to-end encrypted escrow service for personally identifiable information (PII) purpose-built for transfers that meet the Travel comply with the rules. This launch is the latest addition to Notabene’s comprehensive, bank-grade protection solution and highlights its continued commitment to privacy and security while protecting consumer data at the highest level.
SafePII facilitates the secure exchange of PII data by encrypting the data format between parties, eliminating the risk of data loss through hacks or security breaches. The feature is already being used in transactions between the several hundred exchanges in Notabene’s network. With this advanced end-to-end encryption service, Notabene customers can securely facilitate the exchange of PII user data while maintaining compliance with the Financial Action Task Force (FATF) travel rule.
travel rule Policies require Virtual Asset Service Providers (VASPs) must collect, store, and send PII about the user sending the transaction to the receiving VASP. However, if this information falls into the wrong hands (which has happened in the past through crypto exchange hacks and data leaks), malicious actors could use this data to target these people of interest – either in the real world or virtually. To mitigate this issue and comply with GDPR best practices to limit potential disclosure of PII, Notabene’s encrypted PII service ensures that only authorized users have access to this data.
“The global crypto industry is responding to a rapidly changing technological and regulatory landscape. Many exchanges are struggling to keep up with product demand while complying with new and escalating regulatory requirements,“ said Pelle BrændgaardCEO and co-founder of Notabene. “We recognized the need and demand for increased protection as a provider of FATF travel rules that facilitate the sharing of user information. Privacy and security are at the core of everything we do at Notabene. Approach to Compliance with FATF Guidelines. With our standards-based SafePII solution, Notabene customers can be confident in the security of their users’ personal data and their compliance with the increasingly complex global regulatory space.”
Notabene’s encrypted PII solution enables its customers to manage their own encryption keys, view their PII access logs, and monitor how and when a party accessed a specific facet of PII data. This gives institutions complete control over the privacy of their end customers’ PII through enhanced encryption modes, ensuring their information remains protected from potential data breaches.
With travel rules implementation deadlines approaching, the gap between crypto regulations and those put in place to regulate fiat currencies is closing. Today, major crypto exchanges and financial institutions worldwide use Notabene’s platform to send and receive Travel Rule data transmissions across a growing network of over 500 exchanges. Notabene’s continued focus on enterprise-grade security features makes it the number one platform of choice for regulated exchanges and financial institutions alike.
Notabene is dedicated to making secure and trustworthy crypto transactions a part of the daily economy. Leveraging privacy protection technologies, our full-service software helps Virtual Asset Service Providers (VASPs) turn regulatory compliance into a competitive advantage. Notabene’s market-leading travel rule compliance solution enables financial institutions, crypto exchanges and custodians to comply with international AML regulations and guidelines. Note is full SOC 2 security certified. Companies like Luno, Bitso, Crypto.com, Bitstamp and others use our software to manage regulatory and counterparty risk in virtual asset transactions. headquarters in new YorkNota bene is a global company with offices in Switzerland, Singaporeand the United Kingdom.
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