KYC for crypto Value Transfers

Travel Rule requirements

The implementation of the Travel Rule in Singapore is outlined in MAS Notice PSN02.

"Notice PSN02 states that Singaporean companies need to conduct measures connected to the Travel Rule, which means assessing the risks inherent to the operation, performing customer due diligence on all clients, and sending, alongside the value transfer, the verified name and account number of both the sender and the beneficiary to the beneficiary’s Virtual Asset Service Provider (VASP)."

"However, for transfers exceeding SGD 2000 (approximately USD 1500), the originating VASP should also add a physical address, along with the place and date of birth, of the customer. Records are required to be kept for at least five years."

Source: 21 Analytics, last revised on 30 June 2021

According to MAS (Notice)
last revised on 1 March 2022

Subject to paragraph 13.8, in a value transfer where the amount to be transferred exceeds S$1,500, every payment service provider which is an ordering institution shall identify the value transfer originator and verify the value transfer originator’s identity, and include in the message or payment instruction that accompanies or relates to the value transfer the information required by paragraphs 13.4(a) to 13.4(d) and any of the following:

(a) the value transfer originator’s
(i) residential address, or
(ii) registered or business address, and if different, principal place of business, as may be appropriate;
(b) the value transfer originator’s unique identification number (such as an identity card number, birth certificate number or passport number, or where the value transfer originator is not a natural person, the incorporation number or business registration number); or
(c) the date and place of birth, incorporation or registration of the value transfer originator (as may be appropriate).