The financial intelligence centre amendment act

Category Industry News

This Act was signed into law by our president on 13 June 2017. It will be implemented in phases. The first phase related to provisions which did not require withdrawal or changes to existing regulations, or new systems to make it work. These provisions are already in force.  The second set of provisions, those that will have the greatest impact on us as estate agents and lawyers, will commence on 2 October 2017.

These are contained in the new sections from section 20A to section 21H of the amendment Act.  Below is a list of the relevant sections.

  • 20A: Anonymous clients and clients acting under false or fictitious name
  • 21A: Identification of clients and other persons
  • 21B: Additional due diligence measures relating to legal persons, trusts and partnerships
  • 21C: Ongoing due diligence
  • 21D: Doubts about veracity of previously obtained information
  • 21E: Inability to conduct customer due diligence
  • 21F: Foreign prominent public official
  • 21G: Domestic prominent influential person
  • 21H: Family members and known close associates

Author: Miltons Matsemela

Submitted 19 Sep 17 / Views 416