⚠️ South Africa🇿🇦: The “Directive 9” from the Financial Intelligence Centre imposes new crypto compliance rules

⚠️ South Africa🇿🇦: The “Directive 9” from the Financial Intelligence Centre imposes new crypto compliance rules

The regulation introduces stricter requirements for tracking and reporting cryptocurrency transactions and payments in response to South Africa’s inclusion in the Financial Action Task Force (FATF) "grey list".

▶️ Key Concept — "CASP" (Crypto Asset Service Provider). This term covers companies and cryptocurrency owners involved in transactions, who must now conduct thorough customer verification before processing any operation.

▶️ “Directive 9” applies to:

➡️ Sender CASP: the entity where the crypto asset sender holds their account.

➡️ Recipient CASP: the entity receiving the crypto assets on behalf of a customer.

➡️ Intermediary CASP: any entity transferring or receiving crypto assets on behalf of another CASP.

▶️ Key Component — Travel Rule. This international standard mandates that all crypto transfers, both domestic and international, include customer data such as the sender's full name, ID or passport number, date and place of birth, residential address, and wallet address for transactions exceeding $273 USD.

▶️ CASPs must implement real-time checks with global watchlists, live authentication, video calls, or advanced biometrics.

▶️ They must also identify when to reject or suspend an international crypto asset transfer and apply the appropriate measures.

▶️ The regulation will take effect on April 30, 2025. Non-compliance will result in administrative penalties under the Financial Intelligence Centre Act (FIC Act).

▶️ To ensure compliance, the VOCA platform has been developed and will be operated through SearchWorks.

#news #crypto

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you