Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)DirectivesDirective for Implementation of the Travel Rule relating to Crypto Asset Transfers in accordance with the Financial Action Task Force Recommendations5. Obligations of intermediary Crypto Asset Service Providers |
| 5.1 | An accountable institution that is an intermediary crypto asset service provider must comply with the provisions of paragraphs 5.2 to 5.5 below. |
| 5.2 | An intermediary crypto asset service provider must ensure that all originator and beneficiary information that pertains to a cross-border or domestic crypto asset transfer, is transmitted to the receiving crypto asset service provider, or another intermediary crypto asset service provider in a transaction chain, as the case may be. |
| 5.3 | An intermediary crypto asset service provider must take reasonable measures to identify cross-border crypto asset transfers that lack the required information referred to in paragraphs 4.2, 4.4 and 4.5 above. |
| 5.4 | An intermediary crypto asset service provider must develop, document, maintain and implement effective risk-based policies and procedures for determining: |
| 5.4.1 | when to execute, suspend execution, or return a cross-border crypto asset transfer that lack any of the required information referred to in paragraphs 4.2, 4.4 and 4.5 above; and |
| 5.4.2 | the appropriate follow-up action that the intermediary crypto asset service provider will take in each instance where it executes, suspends execution or returns a cross-border crypto asset transfer referred to in paragraph 5.4.1 above. |
| 5.5 | The measures referred to in paragraph 5.3 above and the policies and procedures referred to in paragraph 5.4 above, must be included in the Risk Management and Compliance Programme that the intermediary crypto asset service provider is required to develop, document, maintain and implement in accordance with section 42 of the FIC Act. |