No exemptions: all CASPs must adopt ‘travel rule’ directive
The FSCA and the FIC remind CASPs and FSP CASPs of the compliance requirements that take effect on 30 April.
#accountableinstitution
FIC tightens crypto asset compliance with ‘travel rule’ directive
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
FIC cracks down on non-compliant accountable institutions
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
Pensioner claims cryptocurrency trader could have stopped fraud
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
FIC issues guidance on what is ‘a high-value goods dealer’
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
FIC webinars on reporting unusual and suspicious transactions
There is a webinar for legal practitioners, trust and company service providers, estate agents, and high-value goods dealers.
Financial services provider slapped with R400 000 fine for FICA violations
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
