Prevention of Illegal Eviction from and Unlawful Occupation of Land Act, 1998
R 385
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)RegulationsMoney Laundering Control RegulationsExemptionsPart 4 : Exemptions for attorneys and administrators of property |
| 10) | Exemption from Parts 1 and 2 of Chapter 3 of Act 38 of 2001 |
| 1) | Every accountable institution which performs the functions of an accountable institution referred to in item 1 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of Parts 1 and 2 of Chapter 3 of the Act in respect of every business relationship or single transaction except for a business relationship or single transaction in terms of which – |
| a) | a client is assisted in the planning or execution of – |
| i) | the buying or selling of immovable property; |
| ii) | the buying or selling of any business undertaking; |
| iii) | the opening or management of a bank, investment or securities account; |
| iv) | the organisation of contributions necessary for the creation, operation or management of a company or close corporation or of a similar structure outside the Republic; |
| v) | the creation, operation or management of a company or close corporation or of a similar structure outside the Republic; |
| vi) | the creation, operation or management of a trust or of a similar structure outside the Republic, except for a trust established by virtue of a testamentary writing or court order; |
| b) | a client is assisted in disposing of, transferring, receiving, retaining, maintaining control of or in any way managing any property; |
| c) | a client is assisted in the management of any investment; |
| d) | a client is represented in any financial or real estate transaction; or |
| e) | a client deposits, over a period of twelve months, an amount of R100 000 or more with the institution in respect of attorney’s fees which may be incurred in the course of litigation. |
| 2) | Every accountable institution which performs the functions of an accountable institution referred to in item 2 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of Parts 1 and 2 of Chapter 3 of the Act in respect of every business relationship or single transaction concerning – |
| a) | the preparation of a testamentary writing; |
| b) | the administration of a deceased estate, as executor of that estate; |
| c) | the administration of trust property as trustee of a trust established by virtue of a testamentary writing or court order; or |
| d) | the administration of trust property as trustee of a trust established to administer funds payable from an employees’ benefit fund for the benefit of a nominated beneficiary or dependant of a deceased member of such an employees’ benefit fund. |
