All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
45C Obligations of a beneficiary virtual assets service provider
(1) A beneficiary virtual asset service provider shall, on receipt of a virtual asset transfer, collect and record the following information —
(a) the name of the originator and the beneficiary;
(b) where a wallet is used to process a virtual asset transfer by —
(i) the wallet address of the originator;
(ii) the wallet address of the beneficiary;
(c) location data concerning the originator —
(i) the address, including the name of the country;
(ii) national identity number;
(iii) customer identification number; or
(iv) date and place of birth.
(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) A beneficiary virtual asset service provider shall verify the accuracy of information about the beneficiary obtained in compliance with subsection (1) on the basis of documents, data or information that meets the requirements of Part VI of this Act.
(3) A beneficiary virtual asset service provider shall keep records of complete information on the originator and beneficiary information under subsection (1) which accompanies each virtual asset transfer, in accordance with section 47(3) of this 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 by —
(i) the wallet address of the originator;
(ii) the wallet address of the beneficiary;
(c) location data concerning the originator —
(i) the address, including the name of the country;
(ii) national identity number;
(iii) customer identification number; or
(iv) date and place of birth.
(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) A beneficiary virtual asset service provider shall verify the accuracy of information about the beneficiary obtained in compliance with subsection (1) on the basis of documents, data or information that meets the requirements of Part VI of this Act.
(3) A beneficiary virtual asset service provider shall keep records of complete information on the originator and beneficiary information under subsection (1) which accompanies each virtual asset transfer, in accordance with section 47(3) of this 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)
