FIC Directive 9

The Financial Intelligence Centre (FIC) directives from April and November 2024, known as Directive 9, outline the implementation of the "Travel Rule" for crypto asset transfers in South Africa, in line with Financial Action Task Force recommendations. These directives mandate that crypto asset service providers collect and transmit originator and beneficiary information for both domestic and cross-border transfers to combat money laundering and terrorist financing. They specify obligations for ordering, intermediary, and recipient providers, including due diligence and procedures for handling non-compliant transfers and unhosted wallets.

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