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.
A High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Read moreThe ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
The Financial Intelligence Centre has revised the reports first issued in March 2022.
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
The Authority warns key individuals not to associate their names with ODP operators without knowing how they are conducting their business.
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
The relevant accountable institutions must submit the RCRs to avoid additional scrutiny or administrative sanctions.
There is a webinar for legal practitioners, trust and company service providers, estate agents, and high-value goods dealers.
The Equality Court makes an order in an application brought by six natural and juristic persons whose bank accounts were closed by Absa and FNB.
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.