This milestone empowers the public with streamlined access to accurate and verified business information, aligning with FOMO Pay’s consistent efforts to foster trust in the digital payment and digital asset fields
SINGAPORE, Media OutReach, 29 August 2023: FOMO Pay, a leading digital payment and digital banking solutions provider headquartered in Singapore, announces its strategic partnership with Notabene. The implementation of Notabene’s end-to-end solution for global Travel Rule compliance enables FOMO Pay to further enhance its know-your-transaction (KYT) capabilities and highlights FOMO Pay’s commitment to compliance and customer security. In addition, through comprehensive licencing and adherence to regulatory requirements, FOMO Pay has obtained “Super VASP” status in Notabene’s Virtual Asset Service Providers (VASP) network. This milestone empowers the public with streamlined access to accurate and verified business information, aligning with FOMO Pay’s consistent efforts to foster trust in the digital payment and digital asset fields.
In 2019, the Financial Action Task Force (FATF) released crucial recommendations aimed at combating money laundering, terrorist financing, and proliferation financing. FATF requires countries to assess and mitigate risks associated with virtual asset financial activities and providers. As part of the requirements, the Travel Rule mandates all VASPs to screen, record, and communicate the information of both the sender and recipient of a digital asset transaction. In 2023, the global regulatory landscape has evolved with stricter enforcement of the Travel Rule for digital asset transactions as governments and financial institutions worldwide take significant steps to enhance transaction integrity and overall financial ecosystem security.
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