FIC Issues Guidance on Travel Rule for CASPs (PCC 61)

Posted 08 April 2026 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has issued guidance on the implementation of the ‘travel rule’ for Crypto Asset Service Providers (CASPs) to ensure compliance with international standards for crypto asset transfers.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the FIC has published Public Compliance Communication 61 (PCC 61). This communication provides practical guidance to accountable institutions designated under Items 12 and 22 of Schedule 1 to FICA regarding the implementation of Directive 9 of 2024, which became effective on 30 April 2025.

The primary objective of PCC 61 is to assist CASPs in implementing the ‘travel rule’ for crypto asset transfers. This rule transposes the requirements of the Financial Action Task Force (FATF) Recommendation 16 into the South African regulatory framework, requiring the transmission of specific originator and beneficiary information during the transfer process.

Scope and Application

PCC 61 applies to the following categories of accountable institutions:

  • Item 22 CASPs: Entities defined as Crypto Asset Service Providers under Schedule 1 of FICA.
  • Item 12 FSPs: Financial Services Providers licensed under the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act) that also perform CASP activities.

Accountable institutions are reminded that while guidance is not strictly law, the FIC may take enforcement action for non-compliance with FICA obligations. If an institution deviates from the guidance in PCC 61, it must be able to demonstrate that it has complied with the underlying legal obligations in an equivalent manner.

PCC 61 follows a consultation period for Draft PCC 123, which took place between 2 March 2026 and 16 March 2026. The final version incorporates feedback from various stakeholders and supervisory bodies.

Click here to download Public Compliance Communication 61.

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

  • For yourself: You must familiarise yourself with the specific data fields required for crypto asset transfers to ensure you can advise on or oversee compliant transaction processing.
  • For your business: CASPs and affected FSPs must update their Risk Management and Compliance Programme (RMCP) to formalise the technical and procedural steps for capturing and transmitting travel rule data.
  • For your clients: Clients using crypto asset platforms must be informed that their personal and transaction data will be shared with recipient institutions, as transfers lacking required information may be delayed or rejected.

Originally published at https://accountingacademy.co.za/news/read/fic-pcc-61-re-implementation-of-travel-rule-for-casps

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