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  • CRA-4.4 CRA-4.4 Dealing with Clients

    • CRA-4.4.1

      Licensees must not undertake transactions with a person(s) unless they have been registered as a client(s) in accordance with the requirements of this Module.

      Added: April 2019

    • CRA-4.4.2

      Licensees must ensure their compliance with the applicable laws and regulations in the jurisdictions to which they provide regulated crypto-asset services.

      Amended: April 2023
      Added: April 2019

    • CRA-4.4.3

      Licensees must not register an applicant as a client where the applicant and/or the beneficial owner(s) or the ultimate beneficial owner is/are domiciled in Non-Cooperative Countries or Territories ('NCCTS'). Paragraph AML-9.1.1(a) and (b) of Module AML provides the basis for identification of the Non-Cooperative Countries or Territories.

      Added: April 2019

    • CRA-4.4.4

      Licensees must, at the time of registration, verify and obtain a signed statement from applicants confirming whether or not the applicant is acting on their own.

      Added: April 2019

    • CRA-4.4.5

      Prior to commencement of business transactions, licensees must:

      (a) Seek and register bank accounts details and other types of accounts details to be used for receipt or transfer of fiat funds (such as credit cards and pre-paid cards) of the clients; and
      (b) Verify the bank accounts and other types of accounts details provided by a client to ensure that the bank accounts and other accounts are in the name of the registered client.
      Amended: April 2023
      Added: April 2019

    • CRA-4.4.6

      The bank accounts and other accounts details provided by the client must be used for the purpose of transfer of fiat funds between the client and the licensee. A licensee must not deposit and/or withdraw fiat funds through any account other than those accounts which are in the name of the client and registered with the licensee for the said purpose.

      Amended: April 2023
      Added: April 2019

    • CRA-4.4.7

      Where an applicant’s IP address is masked, a licensee must take reasonable steps to unmask the IP address or decline to provide services to that applicant.

      Added: April 2023

    • CRA-4.4.8

      Licensees must not allow a single client to open multiple accounts.

      Added: April 2023

    • CRA-4.4.9

      At the time of registration, licensees must set a trading limit, position limit or both with reference to the client’s financial situation with a view to ensuring that the client has sufficient financial capability to be able to assume the risks and bear the potential trading losses. The limit applicable to a client must be reviewed by the licensee on a periodic basis and in light of any material change in the client’s financial situation.

      Added: April 2023