FIC Draft Guidance: Crypto Asset Travel Rule Implementation

Posted 02 March 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: The Financial Intelligence Centre (FIC) has released draft guidance for crypto asset service providers (CASPs) regarding the implementation of the ‘travel rule’ for electronic transfers.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001, the FIC has issued a draft Public Compliance Communication (PCC) intended to provide practical guidance on the requirements set out in Directive 9 of 2024. This Directive, which came into effect on 30 April 2025, mandates that CASPs obtain, hold, and transmit specific originator and beneficiary information during crypto asset transfers, aligning South African regulation with the international Financial Action Task Force (FATF) Recommendation 16.

The draft PCC aims to clarify the technical and procedural obligations for CASPs when making or receiving wire or electronic transfers of crypto assets. The FIC has invited written comments on the proposed guidance, with a submission deadline of 16 March 2026.

Key regulatory requirements addressed in the draft guidance

  • The mandatory collection of originator and beneficiary data for all crypto asset transfers.
  • The requirement for CASPs to verify the identity of their clients in accordance with Section 21 of the Financial Intelligence Centre Act, No. 38 of 2001.
  • Procedures for handling transfers with missing or incomplete information.
  • Obligations regarding the screening of parties against relevant sanctions lists.

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

  • For yourself: You must ensure a technical understanding of the data transmission standards required for crypto transfers to provide accurate compliance advice on the ‘travel rule’ framework.
  • For your business: Crypto Asset Service Providers must review and update their internal AML/CFT compliance manuals and IT infrastructure to ensure automated data collection and transmission capabilities are operational by the regulatory deadlines.
  • For your clients: Clients using CASPs for crypto transfers must be prepared to provide additional beneficiary information and may experience transaction delays if the receiving institution cannot verify the required ‘travel rule’ data.

Originally published at https://legalacademy.co.za/news/read/crypto-asset-transfers-input-sought-on-travel-rule-implementation-proposals

The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.