Regulatory Alerts2024-12-13
FSCA Communication 44 of 2024: Implementation of the Travel Rule for Crypto Asset Transfers
The Financial Intelligence Centre issued Directive 9, communicated by the Financial Sector Conduct Authority, to mandate Crypto Asset Service Providers and other accountable institutions to implement the Travel Rule for crypto asset transfers. This directive requires these entities to collect, verify, and retain specific transactional data for crypto transfers conducted on behalf of clients, thereby aligning domestic operations with Financial Action Task Force Recommendation 16. Effective 30 April 2025, the rule aims to mitigate money laundering, terrorist financing, and proliferation financing risks associated with digital asset movements.
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