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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

Part 1 : Customer due diligence

21G. Domestic prominent influential person

 

If an accountable institution determines that a prospective client with whom it engages to establish a business relationship, or the beneficial owner of that prospective client, is a domestic prominent influential person and that, in accordance with its Risk Management and Compliance Programme, the prospective business relationship entails higher risk, the institution must—

(a) obtain senior management approval for establishing the business relationship;
(b) take reasonable measures to establish the source of wealth and source of funds of the client; and
(c) conduct enhanced ongoing monitoring of the business relationship.

 

[Section 21G inserted by section 10 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]