Blockchain analytics TRM Labs, Eventus and Notabene to solve crypto AML issues

Three companies in the global digital asset regulatory and compliance space have formed a partnership to create a one-stop solution for firms across the digital asset ecosystem, solving for cryptocurrency anti-money laundering (AML), trade surveillance, as well as Travel Rule compliance for Virtual Asset Service Providers (VASPs).

TRM Labs, a blockchain analytics provider, Eventus Systems, global provider of digital asset trade surveillance solutions, and end-to-end Travel Rule solution provider Notabene today announced the formation of “Project TEN,” which will provide the marketplace with a comprehensive offering to address a host of risk management and compliance challenges facing firms in the digital asset space.

With the launch of Project TEN, crypto-native firms as well as traditional financial institutions moving into virtual assets will benefit from a joint service designed to help maximize the efficiency of regulatory compliance operations. The offering will feature Eventus’ trade surveillance and market risk applications; TRM Labs’ transaction monitoring, wallet screening and forensics tools; and Notabene’s counterparty risk management and Travel Rule compliance software.

Esteban Castaño, Co-founder and CEO of TRM Labs, said: “Organizations operating in the crypto space are tasked with managing a complex regulatory landscape in a rapidly evolving market. Project TEN helps organizations address this complexity by bringing distinct areas of risk management expertise into one comprehensive offering.”

Eventus CEO Travis Schwab said: “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. 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.”

Pelle Brændgaard, CEO of Notabene, said: “There are many distinct tasks that must be addressed by any institution offering digital asset services. Project TEN creates a comprehensive compliance solution for firms across the rapidly growing global digital asset space. Partnerships are critical as many complex components must work together to manage overall compliance risk. We’re thrilled to embed our privacy-preserving Travel Rule solution into Project TEN, the first comprehensive offering allowing institutional clients to enter the crypto space in a regulatory-compliant manner.”