Regulatory Alerts2005-09-08
Added · Updated
Enforcement of the 30 September 2005 deadline for client identification and verification under FICA
The South African Reserve Bank's Registrar of Banks issued Banks Act Circular 6/2005 to enforce the 30 September 2005 deadline for banks to complete identification and verification of all medium-risk clients under the Financial Intelligence Centre Act. Banks are instructed to notify non-cooperating clients immediately and must cease transacting with them by 9 October 2005 to comply with legal obligations. Additionally, institutions are required to submit a report on the implementation of freezing non-cooperative clients' accounts to the Registrar by 16 October 2005.