SA crypto providers may face FATF scrutiny
The Financial Action Task Force reportedly wants to conduct annual checks worldwide to ensure the sector is combating financial crimes
SA crypto service providers are set to come under increased scrutiny by the Financial Action Task Force (FATF), which reportedly wants to conduct annual checks worldwide to ensure the sector is doing enough to combat illicit financial activity.
“We are getting a lot of inquiries from largely SA crypto asset service providers and aspirant providers wanting to be seen to be doing things correctly,” says James George, compliance manager, Compli-Serve SA. “They want to get Fais [Financial Advisory and Intermediary Services Act] licensed, they want to register with the FIC [Financial Intelligence Centre] as an accountable institution and then wait for D-Day in June next year when local crypto providers can get licensed.”..
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