FIC: PCC 61 re implementation of Travel Rule for CASPs

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FIC: PCC 61 re implementation of Travel Rule for CASPs

• 08 April 2026
• Miscellaneous
• South African Accounting Academy

Summary:

The Financial Intelligence Centre (FIC) has published Public Compliance Communication 61 of 2026 (PCC 61), to provide guidance to those accountable institutions designated items 22 and 12 of Schedule 1 to the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FICA), on the implementation of Directive 9 of 2024, which came into effect on 30 April 2025.

Article:

The objective of PCC 61 is to provide practical guidance to Crypto Asset Service Provider (CASPs) as those accountable institutions that provide or engage in crypto asset transfers for or on behalf of a client, on how to implement the ‘travel rule’ in the context of crypto asset transfers, as directed in terms of Directive 9, which directive transposes and implements the requirements of Financial Action Task Force Recommendation 16 into the FIC Act regime in South Africa. 

PCC 61 provides guidance to designated Crypto Asset Service Provider (CASP) accountable institutions under item 22 of Schedule 1 to the FIC Act, as well as to those CASPs who in addition to being item 22 CASPs have also registered as an item 12 financial services provider (FSP) CASP, pursuant to them being licensed as a CASP providing financial services under the FAIS Act, Act No 37 of 2002. The objective of PCC 61 is to provide practical guidance to CASPs as those accountable institutions that provide or engage in crypto asset transfers activities for or on behalf of a client, on how to implement the ‘travel rule’ in the context of crypto asset transfers, as directed in terms of Directive 9, which directive transposes and implements the requirements of Financial Action Task Force Recommendation 16 into the FICA regime in South Africa. 

It is important to note that enforcement action may emanate as a result of non-compliance with the FIC Act in areas where there has been non-compliance with the guidance provided by the Centre. Where it is found that an accountable institution has not followed guidance which the Centre has issued, the institution must be able to demonstrate that it has nonetheless complied with the relevant obligation under the FIC Act in an equivalent manner. 

Draft PCC 123 was published on the FIC website for a consultation period of 2 weeks from 2 March 2026 until 16 March 2026, to enable the receipt of comments from accountable institutions, supervisory bodies and all other relevant persons. All comments received have been considered and incorporated in PCC 61, where appropriate. Refer to our previous Alert dated 20 March 2026

Access the Consultation Feedback Note with the comments at https://www.fic.gov.za/wp-content/uploads/2026/03/2026.3-GN-260330_Consultation-Feedback-Note_PCC-61_Travel-Rule.pdf 

Access the Web notice regarding PCC 61 at https://www.fic.gov.za/2026/03/30/website-notice-publication-of-pcc-61-on-implementation-of-the-travel-rule/ 

Click here to download the 24-page PCC 61:

https://www.fic.gov.za/wp-content/uploads/2026/03/2026.3-PCC-_Travel-Rule-for-CASPS.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FIC – to enable their assessment of accountable institutions’ compliance with FICA.
• When advising clients or performing this function on their behalf, practitioners should be aware of the finer details and specific guidance on the Travel Rule regarding Crypto Asset Service Provider (CASPs).

Relevance to Your clients:

• Relevant Accountable Institutions (companies and CCs) should be aware of the latest publications and guidance issued by regulators, such as the FIC.

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