The FATF Travel Rule requires virtual asset service providers (VASPs) to exchange originator and beneficiary information with each other for crypto transfers. Ripple Custody (Wallet) integrates with Notabene, a Travel Rule network, so that the exchange happens as part of the transaction:
- Outbound: Ripple Custody (Wallet) holds a transfer until the Travel Rule exchange with the beneficiary VASP reaches the stage you choose, and rejects the transfer if the exchange fails.
- Inbound: Ripple Custody (Wallet) answers Travel Rule messages that name your wallets, and can freeze deposits that arrive without an accepted message.
- Set up Travel Rule: Connect your Notabene account and create Travel Rule policy rules
- Travel Rule transactions: Learn what happens to outbound transfers and inbound deposits, and how to resolve rejections
Contact your Ripple representative to use Travel Rule.
| Party | Responsibility |
|---|---|
| Your organization | Holds its own Notabene membership and VASP identity (DID). You're the VASP, and the Travel Rule obligation is yours. |
| Notabene | Runs the Travel Rule network, identifies counterparty VASPs, delivers messages, and provides the dashboard where your compliance team approves outbound and accepts inbound messages. |
| Ripple Custody (Wallet) | Sends Travel Rule messages for your transfers, tracks their status, holds or rejects transfers based on the outcome, and freezes or releases deposits. |
Ripple Custody (Wallet) doesn't provide a shared Notabene membership. Each organization connects its own Notabene account.
You turn on Travel Rule with a TRAVEL_RULE policy rule on each wallet. The rule decides which transfers need a Travel Rule exchange, for example by counterparty, by asset, or for amounts of more than a threshold.
Travel Rule rules don't let a wallet send. The wallet still needs a LIMIT rule for the asset. Ripple Custody (Wallet) checks limits and any step-up approvals first, and then runs the Travel Rule exchange.
For an outbound transfer, Ripple Custody (Wallet) sends Notabene:
| Information | Source |
|---|---|
| Originator name | Your organization's legal name |
| Originator address | The sending wallet's address |
| Beneficiary name | The counterparty's legal name from your address book |
| Beneficiary address | The destination address |
| Beneficiary VASP | The custodian on the destination address in your address book |
| Asset, amount, and transaction hash | The transaction |
Ripple Custody (Wallet) submits this information to Notabene from its servers. You don't add Travel Rule data to the transaction request.
- Save every destination as a custodial address. Save each external destination in your address book with custodian details, on a counterparty that's an organization. Ripple Custody (Wallet) can't send Travel Rule messages for individuals or for self-hosted (unhosted) wallets yet. When a Travel Rule rule applies, Ripple Custody (Wallet) rejects transfers to those destinations.
- Your compliance team acts in Notabene. Ripple Custody (Wallet) doesn't approve outbound messages or accept inbound messages for you. See Travel Rule transactions.
- The console doesn't show Travel Rule details on transactions yet. To follow a message's progress, use the Notabene dashboard.