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

Regulations

Money Laundering Control Regulations

Exemptions

Part 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.