Compliance at the Core
Compliant solutions for an evolving financial landscape.
Internal Control Processes
Risk Management
Aligned with the standards set by the Financial Intelligence Centre.
Onboarding Controls
We use proprietary software to onboard our individual and institutional clients.
System Oversight
Our experienced Chief Technology Officer oversees the state of our systems and third-party support teams.
Risk Profiling
Our Legal and Compliance team review the documentation provided by clients and complete risk management profiles.
Intelligence Reporting
Our Financial Intelligence reporting is conducted by our Chief Technology Officer and Managing Director who also operate as our Money Laundering Reporting Officers.
Third-Party Providers
Technology and Systems
These third-party screening and anti-money laundering tools form part of our internal client screening and onboarding process:
Masthead is our 3rd party compliance advisors, ensuring that our processes are aligned industry regulations.
Searchworks is employed to conduct sanction list screening, politically exposed person screening, and adverse media searches.
Sumsub is a verification platform that is used at each step of the client onboarding process and assists with monitoring global fraud activity.
CEFFU is an institutional-grade platform that is linked to TRM Labs allowing our clients to safely store and manage their digital assets.
Regulated. Secure. Accountable.
Setting new standards for financial integrity and compliance.
Licensed by various regulatory authorities in South Africa.
Adherence to global AML and CTF obligations and procedures.
Robust risk management and compliance processes.
Actively combatting illicit financial activity.
Regular training programs to educate employees on AML and CTF.
Open communication with current regulatory bodies.
Travel Rule FAQs
Travel Rule
Find out what you need to know about FiveWest's compliance with the Travel Rule and how this impacts you.
What is the Travel Rule?
The Travel Rule is a global regulatory requirement issued by the Financial Action Task Force (FATF). It applies to all financial institutions and Crypto Asset Service Providers (CASPs), including crypto exchanges and custodians. The rule mandates that information about the sender and recipient of crypto transactions must be collected, verified, and securely shared between counterparties involved in a transaction.
How does FiveWest comply with the Travel Rule?
As part of FiveWest’s ongoing commitment to compliance and secure transaction practices, all clients will be required to whitelist their wallet addresses before any crypto transactions can be processed (deposits or withdrawals in order to meet Travel Rule Requirements). Please note that FiveWest utilises Ceffu as its licensed custodial provider and, as such, is required to implement certain additional compliance measures in line with Ceffu’s regulatory framework.
What information is required in order to comply with the Travel Rule?
Fivewest will require the following information of the sender and/or receiver:
Individuals:
Full legal name, date and place of birth and the wallet address used for the transaction. In addition, proof of ownership is required either by a screenshot of a wallet address showing the correspondent's information and a timestamp OR a Satoshi Test (payment test transaction). In the event the Satoshi Test is selected, you will be liable for the fees incurred in order to perform the Satoshi Test.
Businesses:
Full registered name, place of incorporation and the wallet address used for the transaction. In addition, proof of ownership is required either by a screenshot of a wallet address showing the correspondent's information and a timestamp OR a Satoshi Test (payment test transaction). In the event the Satoshi Test is selected, you will be liable for the fees incurred in order to perform the Satoshi Test.
How will this affect FiveWest and its customers?
Arbitrage clients: There is no change to how you currently operate. Your services remain unaffected.
OTC and Instant Buy/Sell clients: You will be required to whitelist your wallet addresses in order to deposit and/or withdraw crypto assets in respect of transactions. In the event that you arrive receiving or sending crypto assets to/from a third party, the third party's details will be required.
Crypto Payment Gateway clients: We have temporarily suspended the option of on-chain payments via FiveWest Pay (the crypto payment gateway).
In general, all crypto deposits and withdrawals must be sent and/or received from a whitelisted wallet address.
When do I need to whitelist my address to comply with the Travel Rule?
Effective 31 July 2025, clients will be required to whitelist every wallet address used for sending and/or receiving any crypto assets. Retrieve the step by step guide here.
Please note that once a wallet address has been whitelisted, you will not be required to whitelist the address for that network again.
How long does approval of a whitelisted address take?
The wallet address whitelisting process typically takes 24 to 48 hours to complete. However, it may take longer depending on the wallet address and if any additional information or requests are required.
Will my transactions be delayed if my address is not whitelisted?
In the event that a wallet address has not been whitelisted and you attempt to send or receive any crypto assets from a non-whitelisted address, the funds will be safe, however they will not be accessible until such wallet address is whitelisted.
How does FiveWest ensure that the information share is secure?
FiveWest will securely collect and transmit the required information using industry standard and compliant processes. By accepting the Terms of Service on the Fivewest portal, clients acknowledge that Fivewest may share this information with verified and compliant third parties, however such information shall be shared in accordance with Fivewest’s Privacy Notice and only when it is a necessity.
