Regulatory Alerts2008-05-10
G4/08: Financial Intelligence Centre Guidance Note on Client Identification and Verification
The Registrar of Banks, acting in consultation with the Financial Intelligence Centre (FIC), issued Guidance Note 4/2008 to provide practical compliance guidance for banks regarding client identification and verification under the FIC Act. Banks encountering difficulties must submit clearly formulated queries to the Registrar by the fifth calendar day of each month for consolidation and referral to the FIC. The directive mandates sustained senior-level commitment within all banking institutions to ensure full compliance with their FIC Act responsibilities and requires signed acknowledgements from chief executives and independent auditors.
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