Singapore-based digital payment and digital banking solutions provider, FOMO Pay, has announced a collaboration with Notabene to improve regulatory compliance in the digital payment landscape.
This partnership marks a pivotal move in FOMO Pay’s ongoing efforts to enhance its know-your-transaction (KYT) capabilities and prioritise compliance and customer security. The implementation of Notabene’s end-to-end solution for global Travel Rule compliance is poised to bolster FOMO Pay’s commitment to regulatory adherence.
One major outcome of this partnership is FOMO Pay’s attainment of “Super VASP” status within Notabene’s Virtual Asset Service Providers (VASP) network. This achievement is a significant milestone, reflecting FOMO Pay’s dedication to maintaining comprehensive licensing and adhering to stringent regulatory standards.
By aligning itself with Notabene’s framework, FOMO Pay strives to facilitate streamlined access to precise and verified business information. This aligns seamlessly with FOMO Pay’s ongoing efforts to establish trust within the digital payment and digital asset domains.
In 2019, the Financial Action Task Force (FATF) introduced pivotal recommendations aimed at countering money laundering, terrorist financing, and proliferation risks.
In response to the recommendations, countries are mandated to assess and mitigate risks associated with virtual asset financial activities and providers. Central to this effort is the Travel Rule, which necessitates Virtual Asset Service Providers (VASPs) to meticulously screen, record, and communicate the sender and recipient information for digital asset transactions.
As the global regulatory landscape continues to evolve, the year 2023 has witnessed a heightened emphasis on enforcing the Travel Rule for digital asset transactions. Governments and financial institutions across the globe are taking substantial strides to bolster transaction integrity and overall financial ecosystem security.
In an ever-transforming digital asset industry, FOMO Pay remains proactive in its pursuit of comprehensive compliance capabilities. To maintain adherence to global regulations, the company has taken a deliberate approach by investing in cutting-edge compliance solutions.
By integrating Notabene’s platform, FOMO Pay now possesses the capability to automate Travel Rule compliance, in alignment with stringent global regulations. This move enables secure and efficient digital asset transactions within FOMO Pay’s ecosystem.
By forging this strategic partnership, FOMO Pay underscores its unwavering dedication to upholding industry benchmarks in compliance.
By ensuring more secure digital asset transactions, FOMO Pay seeks to offer a reliable platform for merchants, corporates, and financial institutions. This initiative further reinforces FOMO Pay’s leading position as a provider of digital payment solutions that prioritize security and regulatory compliance.
