Every accountable institution may by, way of exemption from section 21 of the Act, accept a mandate from a prospective client to establish a business relationship or to conclude a single transaction, or take any similar preparatory steps with a view to establishing a business relationship or concluding a single transaction, before the accountable institution verified the identity of that prospective client in accordance with section 21 of the Act, subject to the condition that the accountable institution will have completed all steps which are necessary in order to verify the identity of that client in accordance with section 21 of the Act before the institution—

Every natural person who performs the functions of an accountable institution referred to in Schedule 1 to the Act in a partnership with another natural person, or in a company or close corporation is exempted from the provisions of Parts 1, 2 and 4 of Chapter 3 of the Act subject to the condition that those provisions are complied with by another person employed by the partnership, company or close corporation in which he or she practices.

Every accountable institution is exempted from compliance with the provisions of section 21 and 22(1)(a), 22(1)(b), 22(1)(c), 22(1)(d), 22(1)(e), 22(1)(h) and 22(1)(i) of the Act, in respect of a business relationship or single transaction which is established or concluded with that institution (the second accountable institution) by another accountable institution (the primary accountable institution) acting on behalf of a client of that primary accountable institution, subject to the condition that the primary accountable institution confirms in writing to the satisfaction of the second accountable institution that—

Every accountable institution is exempted from compliance with the provisions of section 21 of the Act which require the verification of the identity of a client of that institution if –