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.
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
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.
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.
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
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.
There is a webinar for legal practitioners, trust and company service providers, estate agents, and high-value goods dealers.
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.