Contingency Fees Act, 1997
R 385.00
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)NoticesGuidance Note 3Guidance for Banks on Customer Identification and Verification and Related MattersTrusts22. 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. |
