What is the Rules Engine and Where to Find It?
The Notabene Rules Engine allows you to set rules on transfers to enable automatic approval, rejection or set for manual review.
To manage your rules, simply click on your email and VASP name in the top-right corner of your dashboard and select Rules.
Incoming and outgoing transfers can follow the same set of rules or can be adjusted separately according to the company's risk policies. For instance, a VASP may want to apply higher standards of counterparty due diligence when sending Travel Rule transfers and have less strict measures in place for incoming transfers. This approach helps streamline your decision-making process and enables your compliance team to focus on high-priority tasks more effectively.
Rule configuration options
Automatically accept all incoming transfers | Select this rule to automatically approve/accept all incoming or outgoing Travel Rule data transfers.
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Manually review all incoming transfers | To manually review each incoming or outgoing Travel Rule data transfer, select this option. All transfers will be sent to your Inbox/Outbox for manual review. This is the default setting when you first configure your Notabene account. |
Not ready to respond | This notifies your counterparties that you’ve received the Travel Rule data transfer but are not yet ready to respond, helping to manage their expectations. |
Custom rules | Automate your team's decision-making based on your risk appetite. Set rules to automatically approve or decline specific Travel Rule data transfers, while flagging others for manual review by your compliance team, based on a combination of parameters. |
*Please note: Paragraph 173 of FATF’s Updated Draft VA and VASP Guidance mandates VASPs to review and verify their counterparty VASP and customer information before processing a blockchain transaction
For more detailed information on custom rules, please refer to this article. If you have any questions, contact us at support@notabene.id.