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 cyberattack not only removed his account from his tax practitioner’s profile but also led to an erroneous VAT refund being paid back to SARS.
Read moreThe ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.