Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Directives

Directive for Implementation of the Travel Rule relating to Crypto Asset Transfers in accordance with the Financial Action Task Force Recommendations

7. Immediate and Secure Transmission of Originator and Beneficiary Information
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7.1 Accountable institutions that are ordering or intermediary crypto asset service providers must comply with the provisions of paragraphs 7.2 to 7.4 below.

 

7.2 Ordering and intermediary crypto asset service providers must transmit the required information referred to in paragraphs 4.2, 4.4 and 4.5 above prior to, or simultaneously with the transfer itself to the recipient crypto asset service provider or intermediary crypto asset service provider, as the case may be.

 

7.3 Ordering and intermediary crypto asset service providers may transmit the required information referred to in paragraphs 4.2, 4.4 and 4.5 above in batches, but must comply with paragraph 7.1 nonetheless. Post facto transmission of the required information is not permitted.

 

7.4 Ordering and intermediary crypto asset service providers must transmit and store the required information referred to in paragraphs 4.2, 4.4 and 4.5 above in a secure manner and protect the integrity and availability of the required information to facilitate record keeping and to protect it from unauthorised disclosure.