Information accompanying Crypto-asset and Cross Border Wire Transfers
FC-11.1.12
Information accompanying all
crypto-asset transfers as well as wire transfers must always contain:(a) The name of theoriginator ;(b) Theoriginator account number (e.g. IBAN orcrypto-asset wallet) where such an account is used to process the transaction;(c) Theoriginator’s address, or national identity number, or customer identification number, or date and place of birth;(d) The name of thebeneficiary ; and(e) The beneficiary account number (e.g. IBAN orcrypto-asset wallet) where such an account is used to process the transaction.Added: January 2024FC-11.1.13
Where a
licensee undertakes a transfer ofcrypto-assets it is not necessary for the information referred to in Paragraph FC-11.1.12 to be attached directly to thecrypto-asset transfers itself. The information can be submitted either directly or indirectly.Added: January 2024FC-11.1.14
Licensees while undertaking transfer ofcrypto-assets must ensure that the requiredoriginator andbeneficiary information is transmitted immediately and securely.Added: January 2024FC-11.1.15
For the purposes of Paragraph FC-11.1.14, “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 of the
crypto-asset .Added: January 2024FC-11.1.16
The CBB recognises that unlike traditional fiat currency wire transfers, not every
crypto-asset transfer involves (or is bookended by) two institutions (crypto-asset entities or financial institutions). In instances in which acrypto-asset transfer involves only one financial institution on either end of the transfer (e.g. when anordering financial institution sendscrypto-assets on behalf of its customers, theoriginator , to abeneficiary that is not a customer of abeneficiary financial institution but rather an individual user who receives thecrypto-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 FC-11.1.12 for their customer. The CBB does not expect that financial institutions, when originating acrypto-asset transfer, would submit the required information to individual users who are not financial institutions. However, financial institutions receiving acrypto-asset transfer from an entity that is not a financial institution (e.g. from an individualcrypto-asset user using his/her own DLT software, such as an unhosted wallet), must obtain the requiredoriginator information from their customer.Added: January 2024
