Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Guidance Note 3
Guidance for Banks on Customer Identification and Verification and Related Matters
Establishing and Verifying Identities
Natural Persons - South African Citizens and Residents
12. Acceptable documents for third party verification
In terms of section 21 of the FIC Act, if a client (A) is acting on behalf of another person (B), the bank needs to establish and verify the identity of that other person (B) and the client's (A) authority to establish the business relationship or conclude the single transaction on behalf of that other person (B).
In terms of Regulation 17 of the Regulations, the bank must obtain from the person acting on behalf of another person (A) information that provides proof of that person’s authority (A) to act on behalf of that other natural person, legal person or trust (B).
A bank must verify the information obtained by:
comparing the particulars of the natural or legal person, partnership or trust with information obtained by the bank from, or in respect of, the natural or legal person, partnership or trust in accordance with Regulation 4 (Verification of information concerning South African citizens and residents), Regulation 6 (Verification of information concerning foreign nationals), Regulation 8 (Verification of information concerning close corporations and South African companies), Regulation 10 (Verification of information concerning foreign companies), Regulation 12 (Verification of information concerning other legal persons), Regulation 14 (Verification of information concerning partnerships) or Regulation 16 (Verification of information concerning trusts) of the Regulations, as may be applicable; and establishing whether that information, on the face of it, provides proof of the necessary authorisation.
The following are examples of documents that may be accepted to confirm the authority of a person to act on behalf of another person and to confirm the particulars of the person authorising the third party to establish the relationship:
|•||power of attorney;|
|•||resolution duly executed by authorised signatories; or|
|•||a court order authorising the third party to conduct business on behalf of another person.|
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