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


Guidance Note 3

Guidance for Banks on Customer Identification and Verification and Related Matters


22. Identification and verification of each trustee of a trust


The following Regulations provide clarity on this matter:

Regulation 15(d)(i) of the Regulations requires that a bank must establish the identity of each trustee.
Regulation 15(g) of the Regulations requires that the residential address and contact particulars in relation to each trustee be established.
Regulation 16 of the Regulations further explains how the identity of a trustee, as well as the residential address, must be verified.
There is therefore an obligation on all banks to establish and verify the identity and residential address of each trustee.