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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 2 : Duty to keep record

22. Obligation to keep customer due diligence records

[Section 22 heading substituted by section 11 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]

 

(1) When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information.

 

(2) Without limiting subsection (1), the records must—
(a) include copies of, or references to, information provided to or obtained by the accountable institution to verify a person’s identity; and
(b) in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning—
(i) the nature of the business relationship;
(ii) the intended purpose of the business relationship; and
(iii) the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.

 

[Section 22 substituted by section 11 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]