Communication informs supervised RSA FIU issued Directive 9 on implementation of Travel Rule re crypto asset transfers in accordance with FATF Recommendations.
Directive 9, of Nov. 15, 2024, requires accountable institutions, in particular those listed under items 12 and 22 of Schedule 1 to FIC Act 38 of 2001 that engage in crypto asset transfers for, or on behalf of, their clients to implement the Travel Rule.
Financial Services Providers (FSPs) licensed by RSA FSCA under Financial Advisory and Intermediary Services Act 37 of 2002 to provide financial services in respect of crypto assets (CASPs) fall in item 22 of Schedule 1 FIC Act, must implement the Travel Rule.
The Travel Rule gives effect to FATF Recommendation 16 regarding wire transfers or electronic funds transfers in context of crypto assets, applies to transfer and/or receipt of crypto assets by accountable institutions (CASPs) for, or on behalf of, their clients.
It sets out requirements for specific information that must be obtained regarding these transactions and related records that must be kept by CASPs.
Implementation designed to ensure transfer and/or receipt of crypto assets by CASPs for, or on behalf of, their clients is not used for money laundering, terrorist financing.
Effectiveness
Directive 9 comes into effect on Apr. 30, 2025, available online at RSA FIU's website.
