Cake DeFi rolls out Travel Rule compliance with Notabene

Cake DeFiApril 6, 20235 min

Cake DeFi, a leading fintech platform providing easy
access to Decentralised Finance (DeFi) services and applications, announced today that it has
integrated Notabene’s crypto pre-transaction decision-making platform for crypto regulatory
compliance. By integrating Notabene’s compliance platform, Cake DeFi will ensure a seamless
rollout of Travel Rule compliance in line with global regulations, starting in Singapore.
The Crypto Travel Rule mandates exchanges, digital wallet providers, and financial institutions
that deal with virtual assets to disclose, collect, screen, and transmit customer data beyond a
certain threshold. One of the reasons Cake DeFi has selected Notabene’s holistic solution is to
overcome key challenges posed by the Travel Rule for large companies in the cryptocurrency
industry. This includes the need for a solution that can handle the varying jurisdictional
implementations of the Travel Rule and connect to VASPs globally.
For instance, in Singapore, the Travel Rule applies to all holders of a payment service license
under the Payment Services Act 2019. It requires Originator VASPs to transmit value originator
and beneficiary customer information to the Beneficiary VASP, regardless of the value transfer
amount. Further information is required if the SGD 1,500 threshold is exceeded. The United
States Financial Crimes Enforcement Network has set the threshold at USD 3,000, while the
European Banking Authority has a threshold at EUR 1,000.
Notabene’s platform helps customers navigate the complexities of transacting across borders
with counterparties subject to different travel rule obligations, both in terms of thresholds and
scope of required information. This is achieved by embedding jurisdictional rules in the platform.
By using Notabene, Cake DeFi can manage all transactions in one dashboard with a unified set
of rules that automate decision making prior to transactions being irrevocably processed by the
blockchain. The platform also provides multi-entity support, allowing Cake DeFi to manage
transaction flow to the correct entity based on the appropriate jurisdictional requirements.
“This partnership with Notabene will ensure that effective travel rule compliance measures are
put in place, preparing us for the enhanced regulations that will soon come into force.” said Dr
Julian Hosp, CEO and Co-Founder of Cake DeFi. “Security, transparency, and compliance,
are core values that guide everything that we do at Cake DeFi. The successful integration of the
Notabene platform underscores our commitment to deliver secure and practical solutions to our
customers, while keeping up with worldwide regulations.”
“We are proud to partner with Cake DeFi in the effort to create a safer blockchain economy,”
said Pelle Brændgaard, Co-Founder and CEO of Notabene. “Cake DeFi was looking for a
trustworthy partner that facilitates due diligence, wallet identification, and automates
transactions and we look forward to working with them in the shared mission of enabling safe
and trusted crypto transactions.”
Notabene provides tools, software, and comprehensive data to help crypto exchanges comply
with the new requirements of FATF guidelines, including the Travel Rule, while simultaneously
unlocking the flow of trillions of institutional dollars into the space. After successfully integrating
Notabene’s Travel Rule solution, Cake DeFi aims to provide the highest levels of data privacy
while enabling participants to send the required Travel Rule data to the correct counterparty in a
protected manner.

Cake DeFi

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