South Africa’s Financial Intelligence Centre has received feedback from seventeen commentators on its proposed new regulations on cryptocurrency transactions.
This includes their full name, ID or passport number, residential address, date and place of birth, and wallet address. These particulars need not be verified for accuracy for transactions less than R5,000 unless there is suspicion of money laundering or terrorist financing.Before transmitting this private data, CASPs must first identify the counterpart provider, conduct due diligence on the counterparty, and regularly update its due diligence when dealing with them.
Broadly, this requires that they obtain proof of identity and address when customers open an account with them. It stipulates that CASPs must have a risk-based policy for obtaining further information on unhosted wallets if they determine a higher risk of money laundering, terrorist financing, or proliferation financing.
A year later, a status page on the FATF website showed that most countries had passed or enacted legislation to implement the Travel Rule.This was in line with expectations that South Africa would only get off the greylist in 2025.