FIC Directive 9 of 2024: Crypto Asset Travel Rule Implementation

Posted 21 May 2025 Written by Acts Online
Category Regulatory Compliance

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has finalised Directive 9 of 2024, requiring accountable institutions to implement the “travel rule” for crypto asset transfers effective from 30 April 2025.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act), Directive 9 of 2024 establishes the regulatory framework for the transmission of information accompanying crypto asset transfers. This directive aims to enhance transparency in the crypto sector in accordance with the Financial Action Task Force (FATF) Recommendations. The Financial Sector Conduct Authority (FSCA) further supported this via Communication 44 of 2024 (AML/CFT), issued on 13 December 2024, which alerted supervised entities to the upcoming compliance deadline.

The obligations apply to Crypto Asset Service Providers (CASPs) that qualify as accountable institutions under Schedule 1 of the FIC Act, specifically:

  • Entities listed under Item 12 of Schedule 1 (Trust and Company Service Providers); and
  • Entities listed under Item 22 of Schedule 1, including Financial Services Providers (FSPs) licensed under the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act) to provide services in respect of crypto assets.

Under the travel rule, CASPs must ensure that specific originator and beneficiary information “travels” with the crypto asset transfer, whether the transaction is cross-border or domestic. Failure to comply with the requirements of Directive 9 of 2024 will result in the entity being deemed non-compliant, potentially leading to administrative sanctions in accordance with section 45C of the FIC Act.

Accountable institutions are reminded that while implementing the travel rule, they remain obliged to comply with all other applicable legislation involving crypto assets and should seek independent legal advice where necessary to ensure full regulatory alignment.

Access Directive 9 at https://www.fic.gov.za/wp-content/uploads/2024/11/Directive-9-Travel-rule-relating-to-crypto-asset-transfers.pdf

Click here to download the 3-page Advisory Notice: https://www.fic.gov.za/wp-content/uploads/2025/04/2025.4-GN-Advisory-Travel-Rule-17-April-2025-2.pdf

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the professional duty to advise clients on FIC Act sanctions.
  • For your business: CASPs and FSPs dealing in crypto assets must integrate technical solutions by 30 April 2025 to capture, verify, and transmit required originator and beneficiary data for every transaction.
  • For your clients: Clients operating as crypto asset service providers must update their Risk Management and Compliance Programmes (RMCP) to include specific travel rule protocols to avoid administrative sanctions under section 45C of the FIC Act.

Originally published at https://accountingacademy.co.za/news/read/fic-directive-9-of-2024-on-implementation-of-travel-rule-to-enhance-transparency-in-crypto-asset-transactions

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