FICA

The Financial Intelligence Centre Act, 38 of 2001 (“the FIC Act”) was promulgated to inter alia establish a Financial Intelligence Centre (“the FIC Centre”) to assist in the identification of the proceeds of unlawful activities, to combat money laundering and the financing of terrorist and related activities.

As an accountable institution in terms of the provisions of the FIC Act, we must fulfil certain obligations in terms of the FIC Act. These include the obligations to inter alia develop and maintain a Risk Management Compliance Program (“RMCP”), to follow a risk-based approach, to conduct customer due diligence, as well as certain record-keeping and reporting obligations.

We have developed a comprehensive RMCP which was submitted to the Financial Intelligence Centre and all customer due diligences and risk ratings are being conducted in accordance with the same, including sanctions screening.

Our clients will, as a result, be requested during the onboarding process and/or during the course of our business relationship to complete client questionnaires and furnish us with certain documentation in order to fulfil our obligations as an accountable institution in accordance with the requirements of the FIC Act, the regulations promulgated thereunder, the guidance notes issued by the FIC Centre and our RMCP.