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  • Accepted Crypto-asset Transfer and Cross Border Wire Transfer

    • AML-2A.2.7

      Information accompanying all accepted crypto-asset transfer as well as wire transfer must always contain:

      (a) The name of the originator;
      (b) The originator account number (e.g. IBAN or crypto-asset wallet) where such an account is used to process the transaction;
      (c) The originator’s address, or national identity number, or customer identification number, or date and place of birth;
      (d) The name of the beneficiary; and
      (e) The beneficiary account number (e.g. IBAN or crypto-asset wallet) where such an account is used to process the transaction.
      Added: January 2020

    • AML-2A.2.8

      Where a Capital Market Licensees undertakes a transfer of accepted crypto-asset, it is not necessary for the information referred to in Paragraph AML-2A.2.7 to be attached directly to the accepted crypto-asset transfers itself. The information can be submitted either directly or indirectly.

      Amended: January 2022
      Added: January 2020

    • AML-2A.2.9

      A Capital Market Licensee while undertaking transfer of accepted crypto-asset must ensure that the required originator and beneficiary information is transmitted immediately and securely.

      Amended: January 2022
      Added: January 2020

    • AML-2A.2.10

      For the purposes of Paragraph AML-2A.2.9, “Securely” means that the provider of the information must protect it from unauthorized disclosure as well as ensure that the integrity and availability of the required information is maintained so as to facilitate recordkeeping and the use of such information by financial institution. The term “immediately” means that the provider of the information must submit the required information simultaneously or concurrently with the transfer itself of the accepted crypto-asset.

      Added: January 2020

    • AML-2A.2.11

      The CBB recognises that unlike traditional fiat currency wire transfer, not every accepted crypto-asset transfer involves (or is bookended by) two institutions (crypto-asset entities or financial institution). In instances in which an accepted crypto-asset transfer involves only one financial institution on either end of the transfer (e.g. when an ordering financial institution sends accepted crypto-assets on behalf of its customers, the originator, to a beneficiary that is not a customer of a beneficiary financial institution but rather an individual user who receives the accepted crypto-asset transfer using his/her own distributed ledger technology (DLT) software, such as an unhosted wallet), the financial institution must still ensure adherence to Paragraph AML-2A.2.7 for their customer. The CBB does not expect that financial institutions, when originating an accepted crypto-asset transfer, would submit the required information to individual users who are not financial institutions. However, financial institutions receiving an accepted crypto-asset transfer from an entity that is not a financial institution (e.g. from an individual accepted crypto-asset user using his/her own DLT software, such as an unhosted wallet), must obtain the required originator information from their customer.

      Added: January 2020