Regulatory Alerts2005-01-06
Enforcement of the 31 May 2005 Deadline for Client Identification and Verification under FICA
The Registrar of Banks issued this circular to enforce the 31 May 2005 deadline for client identification and verification under the Financial Intelligence Centre Act for medium-risk clients. Banks are required to cease transactions with non-cooperating clients by 10 June 2005 and must report on the freezing of their accounts by 20 June 2005. The document clarifies that exemptions for other client categories remain in effect while mandating signed acknowledgments from chief executives and independent auditors.
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