FIC Issues Draft PCC 123 on CASP Travel Rule

Posted 20 March 2026 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has issued draft guidance for Crypto Asset Service Providers (CASPs) regarding the implementation of the ‘Travel Rule’ for crypto asset transfers.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the FIC has published Draft Public Compliance Communication 123 (Draft PCC 123). This draft guidance is specifically directed at accountable institutions listed under items 12 and 22 of Schedule 1 to the Act. The communication provides practical steps for the implementation of Directive 9 of 2024, which came into effect on 30 April 2025.

The primary focus of Draft PCC 123 is the application of Recommendation 16 of the Financial Action Task Force (FATF), commonly known as the ‘Travel Rule’, within the crypto asset sector. This rule requires CASPs to obtain, hold, and transmit specific originator and beneficiary information when engaging in crypto asset transfers on behalf of clients.

Key Compliance Objectives

  • Ensuring that CASPs facilitate the immediate and secure transmission of transaction data.
  • Standardising the information required for both domestic and cross-border crypto asset transfers.
  • Aligning South African regulatory practices with international FATF standards to mitigate money laundering and terrorist financing risks.
  • Clarifying the obligations of institutions that fall under the expanded definition of accountable institutions in Schedule 1.

Click here to download Draft PCC 123: Travel Rule for CASPs.

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

  • For yourself: You must familiarise yourself with the technical requirements of Directive 9 of 2024 and the guidance in Draft PCC 123 to ensure you can provide accurate compliance advice on crypto asset transfers.
  • For your business: Accountable institutions must review their internal Risk Management and Compliance Programmes (RMCP) to incorporate the ‘Travel Rule’ protocols, ensuring that transaction monitoring systems are capable of capturing and transmitting the required data fields.
  • For your clients: Clients operating as CASPs must implement robust KYC and data transmission technologies by the 30 April 2025 deadline to avoid administrative sanctions for non-compliance with Directive 9.

Originally published at https://accountingacademy.co.za/news/read/fic-draft-pcc-123-casps-travel-rule

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