Who Owns Whom

In the fight against money laundering and terrorist funding, the intention of the FIC’s recently released Guidance Note 7 is to support accountable institutions and supervisory bodies in the implementation of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001) (the FIC Act).

Guidance is provided on the following aspects:

  • Adoption of a risk based approach to customer due diligence, including risk assessment and risk mitigation measures;
  • Customer due diligence measures including the establishing and verification of clients, beneficial ownership requirements, prominent persons and ongoing due diligence;
  • Record keeping requirements;
  • Development and implementation of a risk management and compliance programme; and
  • Implementation of the United Nations Security Council Resolutions relating to the freezing of assets.

WOW’s research is currently being used by a number of our subscribers to support the customer due diligence requirements of the FIC Act with its relevance further enhanced by the flexibility allowed in the Guidance Note.

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