FEATURES AND ADVICE
prnewswire | April 25, 2023
Notabene has published its second comprehensive State of Crypto Travel Rule Compliance Report, which provides insightful results from their 2023 global Travel Rule compliance survey. This report follows the successful inaugural report, which provided the industry's first-ever comprehensive analysis of Travel Rule compliance.
"This year's report highlights that Travel Rule compliance is becoming increasingly global, with nearly a quarter (23%) of the surveyed companies needing to comply with Travel Rule requirements in more than one jurisdiction. These findings suggest that the Travel Rule is becoming more global in nature, underscoring the need for a solution to the common cross-border challenges posed by the Travel Rule," says CEO Pelle Braendgaard.
The State of Travel Rule report includes survey results from financial institutions and crypto companies worldwide on how prepared they are for upcoming regulatory deadlines. Sixty-nine companies completed the survey, representing broad global coverage.
The report includes real-world feedback on differences in Travel Rule adoption across jurisdictions, approaches to implementation, components of compliance, and summarizes adoption pitfalls. Key findings show that 84% of companies are already complying or plan to by the end of 2023, and 75% of respondents impose some restrictions on transactions with self-hosted wallets. The report also found that of those who comply, 37.5% perform the travel rule post-transaction, not fulfilling today's FATF requirements.
"Our global and diverse respondents have reinforced the global nature and the various levels of Travel Rule compliance." says Lana Schwartzman, Head of Regulatory and Compliance at Notabene. "VASPs are asking for a unified and interoperable global approach for reaching their counterparties and transmitting Travel Rule messages. As a result, regulators must work together with industry to develop a unified approach to Travel Rule compliance that addresses the needs of the entire industry. We are already seeing this in the EU and UK and hope other regions will follow."
This year's report includes a comprehensive illustration of the current global state of Travel Rule adoption, showcasing key information regarding jurisdictional enforcement, including information on the enforcement status of each jurisdiction, as well as the threshold amount and self-hosted wallet obligations. This information is crucial for businesses seeking to comply with the Travel Rule.
Notabene is crypto's only pre-transaction decision making platform. We enable customers to identify and stop high-risk activity before it occurs.
Notabene's SafeTransact platform helps financial institutions and crypto businesses unlock their full potential in the digital economy. With a focus on security, privacy, and end-user experience, Notabene customers can use our multi-source data and software to automate real-time decision-making, perform counterparty sanctions screening, identify self-hosted wallets, and complete the smooth roll out of Travel Rule compliance, all in line with global and local regulations.
Notabene is SOC-2 security certified since 2021. Over 85 companies leverage our software to manage real-time regulatory and counterparty risk in virtual asset transactions, including Copper, Luno, Crypto.com and Bitstamp. Headquartered in New York, Notabene is a global company with presence in Switzerland, Singapore, and the United Kingdom.
Mondee | April 11, 2023
Mondee Holdings Inc.a technology-driven, next-generation marketplace in a $1 trillion segment of the travel market, today announced a new partnership with TISSINI, a social selling platform empowering U.S. Hispanic women. As part of Mondee's Affiliate Network program, TISSINI’s micro-network of 55,000 U.S. Hispanic women, who have to date been focused on selling products to their local communities, are now expanding into services with the opportunity to sell travel through Mondee's platform.
"We are excited to welcome TISSINI to our Influencer and Affiliate Network program and expand our reach to the growing Hispanic market," said Mondee's Chairman, CEO, and Founder, Prasad Gundumogula. "TISSINI's network brings a unique opportunity for us to connect with a community of consumers who frequently and consistently book travel as a way to connect with family and friends.”
Founded in 2015, TISSINI has quickly become a leading social selling platform focused on empowering U.S. Hispanic women, many of whom are single-mother entrepreneurs. The company offers a range of high-quality fashion and beauty products, and now, with Mondee’s partnership, will be able to expand its offerings to include travel services. TISSINI’s network of women entrepreneurs will now have access to Mondee’s vast inventory of travel products, including flights, hotels, car rentals, and vacation packages.
“We are thrilled to partner with Mondee and bring travel opportunities to our community of entrepreneurs and customers,” said Sion L. Tesone, Founder and CEO of TISSINI. “Travel is an important part of the Latin American culture, and now, with Mondee’s platform, we can provide our customers with even more ways to explore the world and visit their loved ones.”
Mondee’s modern Influencer and Affiliate Network program is designed to enhance the product line-up and increase growth and profitability for the growing closed groups of expert and influencer global travel affiliates. The program provides affiliates with access to Mondee’s inventory of travel products, as well as fintech, marketing and technology support to help drive sales and increase revenue.
“We believe that partnerships like this with TISSINI are the future of the travel industry,” said Mr. Gundumogula. “By leveraging each other’s strengths and expertise, we can create a win-win-win situation for everyone involved – from our affiliates to their customers, as well as our suppliers, offering unique and highly-targeted sales channels.”
Established in 2011, Mondee is a travel technology company and a modern travel marketplace with its headquarters based in Austin, Texas. The company operates 17 offices across the United States and Canada and has core operations in India, Thailand, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. The company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Its network includes 55,000+ leisure travel advisors and gig economy workers, 500+ airlines, and over one million hotels and vacation rentals, 30K rental car pickup locations, 50+ cruise lines. The company also offers packaged solutions and ancillary offerings that serve a global customer base.
prnewswire | May 31, 2023
Ready or not, hurricane season is upon us. NOAA is predicting a "near-normal" Atlantic Hurricane Season – with 12 to 17 named tropical storms and 5 to 9 hurricanes. But, as we know, a storm doesn't have to be named to ruin a vacation. So, InsureMyTrip, a NOAA Weather-Ready Nation WRN Ambassador™, is committed to helping travelers prepare for weather-related concerns.
InsureMyTrip's Hurricane Educational Center now includes more information to better assist travelers with their upcoming trips. The content hub also offers access to travel data, a free travel guide eBook, videos, and other resources.
Travel insurance coverage can be confusing, especially when extreme weather comes into play. One major thing to keep in mind – buy travel insurance early. Once a storm starts forming, it is considered a "foreseeable event" and insurance coverage will no longer be available to cover losses related to that storm.
How Hurricane Coverage Works
Travel insurance is an effective and cost-efficient way to cope with the risk of travel during hurricane season and to help guard against potential financial losses.
When it comes to severe weather, insurance may enable travelers to receive reimbursement of pre-paid, non-refundable trip costs if they must cancel a trip due to severe weather-related issues covered under the trip cancellation benefit.
Here are some scenarios that may trigger travel insurance coverage:
My flights are grounded due to a hurricane: Many plans may cover a traveler when common carriers - such as airlines and cruise lines - cease service due to weather. The cessation of services must be for a certain number of hours, usually 24-48.
My resort is in the path of a hurricane: A few plans may cover when the traveler's destination is under a NOAA-issued hurricane warning. *
A hurricane damaged my hotel or resort: Many plans may cover a traveler when a hotel, resort, or vacation rental is devastated and made uninhabitable by a storm.
A hurricane damaged my home: Many plans may offer coverage when the primary home of a traveler sustains destructive storm damage that renders the home uninhabitable.
I changed my mind: For the flexibility to cancel a trip for reasons other than those listed as "covered reasons" on a policy, a traveler may consider Cancel for Any Reason (CFAR) protection.
CFAR is an optional time-sensitive benefit available on some plans that allow a traveler to cancel a trip for any reason, up to 48 hours before the scheduled departure. Reimbursement is usually 50-75% of the prepaid, non-refundable trip cost. A traveler must meet specific eligibility requirements and must purchase a policy with CFAR within 14-21 days of making an initial trip payment or deposit.
Hurricanes and Airline Cancellation Policies
Flight cancellation policies vary by airline and circumstance. When an airline cancels a flight due to bad weather, most will try to rebook passengers on the next available flight.
Airlines are not required to reimburse travelers for losses incurred as a result of a canceled flight due to weather. Travelers concerned about protecting pre-paid, non-refundable trip expenses should consider travel insurance.
Travelers interested in learning more about insurance plans for travel during hurricane season can visit www.InsureMyTrip.com or call 1-800-551-4635 to speak with a licensed travel insurance agent.
*Included on some comprehensive travel insurance plans, the NOAA-issued hurricane warning must be issued for the traveler's destination within of the traveler's scheduled departure. The cancellation must also be more than 14 days after the traveler's effective date for trip cancellation coverage. This means that there would not be coverage for a hurricane warning issued within the 14-day period after your policy goes in
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.