All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
45B Obligations of an originating virtual asset service provider
(1) An originating virtual asset service provider shall, when sending a virtual asset transfer to a beneficiary, collect and include within its records —
(a) the name of the originator and the beneficiary;
(b) where a wallet is used to process a virtual asset transfer —
(i) the wallet address of the originator;
(ii) the wallet address of the beneficiary;
(c) the address of the originator including the name of the country, government issued identification information inclusive of the national identification number (if applicable) or the originator's customer identification number or date and place of birth; and
(d) where a wallet is not used to process virtual asset transfers, the unique transaction reference number (commonly known as a transaction hash) utilised for the tracing of the transfer.
(2) An originating virtual asset service provider shall, before conducting a virtual asset transfer, verify the originator information under subsection (1) on the basis of documents, data or information that meets the requirements of Part VI of this Act.
(3) An originating virtual asset provider shall provide the information under subsection (1), without delay to the beneficiary virtual asset service provider, together with transmission of the set of payment instructions to the beneficiary virtual asset service provider or to the beneficiary's financial institution.
(4) An originating virtual asset service provider may provide the information under subsection (1) to the beneficiary virtual asset service provider or reporting entity directly by attaching the information to the virtual asset transfer or providing the information directly.
(5) An originating virtual asset service provider shall ensure that virtual asset transfers are conducted using a system which prevents the unauthorised disclosure of the information under subsection (1) to a person other than the originating virtual asset provider, the beneficiary virtual asset service provider or the reporting entity.
(6) An originating virtual asset service provider shall keep records of complete information on the originator and beneficiary under subsection (1) which accompanies each virtual asset transfer, in accordance with section 47(3) of this Act.
(7) An originating virtual asset service provider may hold any transfers in order to obtain accurate originator and beneficiary information under subsection (1).
(8) Where section 43(1) or (2) applies in relation to the required information under subsection (1), the virtual asset service provider shall file a suspicious activity report under section 48 or make a disclosure under section 34 or 35 of the Prevention of Terrorism Act, (Cap.179), as applicable.
(9) An originating virtual asset service provider shall prohibit any virtual asset transfer being made and ensure that any virtual assets or proceeds received for the purchase of virtual assets are frozen in compliance with the requirements of the Prevention of Terrorism Act.
(Inserted by Act 12 of 2024)
(a) the name of the originator and the beneficiary;
(b) where a wallet is used to process a virtual asset transfer —
(i) the wallet address of the originator;
(ii) the wallet address of the beneficiary;
(c) the address of the originator including the name of the country, government issued identification information inclusive of the national identification number (if applicable) or the originator's customer identification number or date and place of birth; and
(d) where a wallet is not used to process virtual asset transfers, the unique transaction reference number (commonly known as a transaction hash) utilised for the tracing of the transfer.
(2) An originating virtual asset service provider shall, before conducting a virtual asset transfer, verify the originator information under subsection (1) on the basis of documents, data or information that meets the requirements of Part VI of this Act.
(3) An originating virtual asset provider shall provide the information under subsection (1), without delay to the beneficiary virtual asset service provider, together with transmission of the set of payment instructions to the beneficiary virtual asset service provider or to the beneficiary's financial institution.
(4) An originating virtual asset service provider may provide the information under subsection (1) to the beneficiary virtual asset service provider or reporting entity directly by attaching the information to the virtual asset transfer or providing the information directly.
(5) An originating virtual asset service provider shall ensure that virtual asset transfers are conducted using a system which prevents the unauthorised disclosure of the information under subsection (1) to a person other than the originating virtual asset provider, the beneficiary virtual asset service provider or the reporting entity.
(6) An originating virtual asset service provider shall keep records of complete information on the originator and beneficiary under subsection (1) which accompanies each virtual asset transfer, in accordance with section 47(3) of this Act.
(7) An originating virtual asset service provider may hold any transfers in order to obtain accurate originator and beneficiary information under subsection (1).
(8) Where section 43(1) or (2) applies in relation to the required information under subsection (1), the virtual asset service provider shall file a suspicious activity report under section 48 or make a disclosure under section 34 or 35 of the Prevention of Terrorism Act, (Cap.179), as applicable.
(9) An originating virtual asset service provider shall prohibit any virtual asset transfer being made and ensure that any virtual assets or proceeds received for the purchase of virtual assets are frozen in compliance with the requirements of the Prevention of Terrorism Act.
(Inserted by Act 12 of 2024)
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
