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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Determination of Fit and Proper Requirements for Financial Services Providers, 2006

Part III : Competency and Operational Ability

4. Operational ability

 

 

1) An applicant must have and be able to maintain the operational ability to fulfill the responsibilities imposed by the Act on licensees, including at least the following:
a) A fixed business address;
b) adequate access to communication facilities including at least a full-time telephone or cell phone service, and typing and document duplication facilities;
c) adequate storage and filing systems for the safe-keeping of records, business communications and correspondence; and
d) an account with a registered bank including, where required by the Act, a separate bank account for client funds.

 

2) An applicant must have in place the appropriate money laundering control systems and provision for training of staff, including identification, record-keeping and reporting procedures, where required under the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).