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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Directives

Directive for Implementation of the Travel Rule relating to Crypto Asset Transfers in accordance with the Financial Action Task Force Recommendations

2. Definitions

 

2.1 In this Directive the “FIC Act” means the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) and includes any regulation or Directive made under the Act, and, unless the context otherwise indicates, any word or expression in this Directive to which a meaning has been assigned in the Act has that meaning, and

 

2.1.1 ‘beneficiary’ means a person or entity that is identified by the originator as the receiver of a crypto asset associated with a transfer of crypto assets;

 

2.1.2 ‘cross-border crypto asset transfer’ means a transfer where either the ordering crypto asset service provider or the receiving crypto asset service provider is located outside the Republic of South Africa;

 

2.1.3 ‘domestic crypto asset transfer’ means a transfer where the ordering crypto asset service provider and receiving crypto asset service provider are both located in the Republic;

 

2.1.4 ‘intermediary crypto asset service provider’ means a crypto asset service provider that receives and transmits crypto assets on behalf of an ordering crypto asset service provider or beneficiary crypto asset service provider or another intermediary crypto asset service provider and where the intermediary crypto asset service provider does not have a business relationship with either the originator or beneficiary;

 

2.1.5 ‘ordering crypto asset service provider’ means a crypto asset service provider that initiates a transfer and transfers the associated crypto asset upon receiving the request for the transfer from or on behalf of the originator;

 

2.1.6 ‘originator’ means a person or entity that initiates an instruction to the ordering crypto asset service provider to execute the transfer of crypto assets;

 

2.1.7 ‘recipient crypto asset service provider’ means a crypto asset service provider that receives a crypto asset from an ordering crypto asset service provider, directly or through an intermediary crypto asset service provider, and makes the crypto asset associated with the transfer available to the beneficiary;

 

2.1.8 ‘unhosted wallet’ means a type of crypto wallet where the user has exclusive control of the private keys; and

 

2.1.9 ‘qualifying transfer’ means a transaction in a business relationship involving a crypto asset which is any value above zero.