Regulatory Alerts2004-01-01
Enforcement of the 31 October 2004 Deadline for Client Identification and Verification under FICA
The Registrar of Banks issued Banks Act Circular 17/2004 to enforce the 31 October 2004 deadline for client identification and verification under the Financial Intelligence Centre Act for high-risk clients associated with trusts, partnerships, and the top 20% of individuals and legal persons. Banks are instructed to cease transactions with non-cooperating clients in this category by 15 November 2004, as the exemption for these clients ceases if conditions are not met, while exemptions for other client categories remain in effect. Institutions must report on the freezing of non-cooperative clients' accounts by 18 November 2004 and return signed acknowledgements of receipt to the Registrar.
Share