Rule 241 defines the terms used in the crypto-asset reporting rules, including reporting crypto-asset service provider, crypto-asset user, relevant crypto-asset, exchange transaction, reportable retail payment transaction, excluded person and active entity.
241
Rules 2026 · Rule 241
Definitions for purposes of rules 242, 243 and 244
Rules 201-260
This is an overview of a long definitions rule; the bare Rules carry the full text.
Examples of what is defined. "Anti Money Laundering or Know Your Customer Procedures" means the customer due diligence procedures under the Prevention of Money-Laundering Act, 2002; all units, businesses or offices of a provider in one country or territory are treated as a single "branch"; "entity" means a legal person or legal arrangement such as a company, partnership firm, trust or foundation; an "excluded person" is a regularly traded entity or its related entity, a Governmental entity, an international organisation, a Central Bank, or a financial institution other than an investment entity of the kind described; and "financial institution" (custodial, depository, investment entity, specified insurance company) is defined on the same lines as in rule 238. The rule defines the crypto-asset terms the reporting and due diligence rules rely on, including central bank digital currencies, relevant crypto-asset, relevant transaction, exchange transaction, reportable retail payment transaction, reportable user and reportable person, controlling person, self-certification, and active entity.