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

Regulations

Money Laundering Control Regulations

Exemptions

Part 7 : Exemptions for banks

 

 

15) Exemption from Parts 1 and 2 of Chapter 3 of Act 38 of 2001

 

Every accountable institution, which performs the functions of an accountable institution referred to in items 6, 7, 14 and 16 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 with a natural person in terms of which an unsecured loan of an amount not exceeding R15 000,00 is made to that person.

 

16) Exemption from sections 21 and 22 of Act 38 of 2001

 

Every accountable institution, which performs the functions of an accountable institution referred to in items 6, 7, 14 and 16 of Schedule 1 to the Act is exempted, in respect of those functions, 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 an institution providing similar services with which the accountable institution has entered into a business relationship and which situated in a country where, to the satisfaction of the relevant supervisory body, it is subject to anti-money laundering regulation and supervision of compliance with such anti money laundering regulation, which is equivalent to that which applies to the accountable institution.

 

17) Exemption from regulations made under Act 38 of 2001

 

Every accountable institution, which performs the functions of an accountable institution referred to in items 6, 7, 14 and 16 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of regulations 3(1)(d), 3(1)(e), 3(2)(d), 3(2)(e), 4(2) and 4 (3) of the Regulations, and of section 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 concerning the particulars referred to in those regulations, in respect of every business relationship with a natural person who is a citizen of, or resident in, the Republic, in terms of which that person holds an account which —

a) enables the account holder to withdraw or transfer or make electronic payments from that account to an amount not exceeding R15 000,00 over a 24 hour period;
b) enables the account holder to receive a deposit, or a series of deposits over a period of 24 hours, into that account not exceeding –
i) on more than one occasion in a calendar month, an amount of R5 000,00; and
ii) at any time, an amount of R20 000,00;
c) enables the account holder to maintain a balance in that account not exceeding R25 000,00; and
d) does not enable the holder of that account to transfer funds out of that account to any destination outside the Republic, subject to the conditions that such an account does not remain dormant for a period exceeding 180 days and that the same person does not hold more than one such account with the same institution at any time.

 


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