Determine which transactions fall under Travel Rule requirements
Custodial vs. non-custodial wallets
Classify transaction type by seamless on-chain checks or by asking your customer when they initiate a transaction
Amount threshold
Automatically trigger Travel Rule compliance above a defined transaction value threshold
The first part of implementing the Travel Rule is Wallet Identification. To help you identify wallet type (hosted, unhosted), Notabene performs multiple checks: a combination of your own data, that of blockchain analytics companies and ultimately asking your customer about the counterparty.
Depending on your local regulator or your own risk-based rules, you may also request that the owner of an unhosted wallet cryptographically prove that they own the wallet.
Once the wallet type is identified, a check of the transaction threshold is performed before triggering whether the Travel Rule or any unhosted rule applies. When a rule applies to a transaction, the customer is prompted to fill in any missing required counterparty data.
Reach out to us at Support@notabene.id if you have any questions.