Regulatory Alerts2004-01-22
Banks Act Circular 10/2004: Exemption in terms of the Financial Intelligence Centre Act, 2001
The Registrar of Banks issued Circular 10/2004 to direct banks to review Government Notice R.749 regarding an exemption under the Financial Intelligence Centre Act. Banks must notify the Registrar by 28 June 2004 whether they intend to use the exemption or confirm full compliance by 30 June 2004. Institutions opting for the exemption must attend a meeting with senior executives to submit required documentation for quarterly monitoring.
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