Eventus, Notabene and TRM Labs partner to solve compliance challenges for firms trading digital assets

New solution, Project TEN, will bring compliance and risk management solutions to crypto-native firms as well as traditional institutions looking to move into virtual assets.

Three market providers of global digital asset regulatory and compliance have partnered to develop a one-stop solution for firms across the digital asset ecosystem.

Digital asset trade surveillance solutions provider Eventus Systems, end-to-end Travel Rule solution provider Notabene and blockchain analytics provider TRM Labs, formed Project TEN, which aims to address a wide range of risk management and compliance challenges that firms in the digital asset space currently face.

The solution aims to provide solutions for cryptocurrency anti-money laundering (AML), trade surveillance and Travel Rule compliance for Virtual Asset Service Providers (VASPs).

The Financial Action Task Force’s (FATF) Travel Rule is a new regulation for crypto companies that requires Virtual Asset Service Providers (VASPs) to collect, safeguard and share user’s personally identifiable information (PII) and KYC records with other VASPs. According to the Travel Rule, this data sharing process must happen instantly, at the time of every transaction. Non-compliance can result in a VASP being ‘greylisted’ or ‘blacklisted’ by FATF. 

Crypto-native firms as well as traditional financial institutions looking to move into virtual assets, through the launch of Project TEN, will reap the benefits of a joint service created to help maximise the efficiency of regulatory compliance operations.

“Organisations operating in the crypto space are tasked with managing a complex regulatory landscape in a rapidly evolving market,” said Esteban Castaño, co-founder and CEO of TRM Labs.

“Project TEN helps organisations address this complexity by bringing distinct areas of risk management expertise into one comprehensive offering.”

The new solution will combine Eventus’ trade surveillance and market risk applications, Notabene’s counterparty risk management and Travel Rule compliance software, as well as TRM Labs’ transaction monitoring, wallet screening and forensics tools.

“We’re delighted to join forces with two other market leaders in the global digital asset space to introduce efficiencies and make lives easier for crypto firms striving to hold themselves to the highest standards, both to attract investment flows and meet regulatory obligations,” said Travis Schwab, CEO of Eventus.

“Powered in part by our Validus trade surveillance platform, the Project TEN partnership offers a compelling solution to a wide cross-section of participants, including traditional financial institutions looking to enter the digital asset space while ensuring they have the same robust processes in place that they apply to other asset classes.”