We understand that sometimes transfers may need to be declined. To address this concern, we have curated a set of possible scenarios that you or your counterparties can select when declining a Travel Rule transfer. These predefined reasons cover a wide range of situations that may necessitate rejection, providing a clear understanding of the decision. Whether it's due to compliance requirements, security concerns, or other business-related reasons, you can now easily communicate the rationale behind your actions.
We also recognize that some situations may not fit neatly into predefined categories. To ensure flexibility and open communication, we have included a free-text box in the decline option. This enables you to express unique circumstances or specific details to be shared with your counterparties, ensuring an even more comprehensive understanding of the situation.
This feature offers numerous advantages to the entire network:
Improved Transparency: By including reasons for declining Travel Rule transfers, both parties gain a deeper understanding of the decision-making process. This promotes trust and ensures that no transaction is declined arbitrarily.
Enhanced Communication: With clear reasons provided, counterparty institutions can better respond to declined transfers. This opens avenues for resolution, renegotiation, or reconsideration of the transaction based on the specific circumstances.
Compliance and Auditing: For institutions subject to regulatory scrutiny, documenting reasons for declined transfers becomes essential. The inclusion of reasons aids in internal auditing and helps demonstrate a commitment to compliance.
If you believe that we should add another reason as a predefined option or you have any feedback regarding this feature, please reach out to us at support@notabene.id.