Regulatory Alerts2022-08-12
Banks Criminal Background Check Directive for Beneficial Owners (D6-2022)
The Prudential Authority issued Directive D6-2022 requiring South African banks and controlling entities to identify beneficial owners and submit valid Criminal Background Check Reports (CBCRs). The directive mandates that domestic beneficial owners provide CBCRs within thirty days and foreign beneficial owners within sixty days, alongside accurate ownership organograms. Banks must conduct periodic risk-based re-screening of these owners to ensure ongoing suitability and compliance with international anti-money laundering standards.
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