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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

8. Unhosted Wallet Transfers

 

8.1 Accountable institutions that are ordering or recipient crypto asset service providers must comply with the provisions of paragraphs 8.2 to 8.4 below.

 

8.2 Ordering and recipient crypto asset service providers must develop, document, maintain and implement effective risk-based policies and procedures for the treatment of crypto asset transfers that involve unhosted wallets.

 

8.3 The policies and procedures referred to in paragraph 8.2 above must include the manner in which and the processes by which further information on the unhosted wallet is obtained in the case where the crypto asset service provider determines that there is a higher money laundering, terrorist financing or proliferation financing risk.

 

8.4 The policies and procedures referred to in paragraph 8.2 above, must be included in the Risk Management and Compliance Programme that the ordering and recipient crypto asset service providers are required to develop, document, maintain and implement in accordance with section 42 of the FIC Act.