Under the aml / ctf regime what do you need to keep records of

This paper This paper summarizes the implications of the international framework for anti-money laundering AML and combating the financing of terrorism CFT for financial service providers working with low-income people. The paper argues in favor of 1 gradual implementation of new measures; 2 the adoption of a risk-based approach to regulation; and 3 the use of exemptions for low-risk categories of transactions.

Under the aml / ctf regime what do you need to keep records of

Customer due diligence regulations which require an income tax number and proof of residential address for clients proved too stringent to allow many low-income people to open bank accounts. Exibir menos. SinceSouth Africa has also adopted mechanisms to freeze terrorist-related assets. The FIC Act imposes customer due diligence, record keeping, and suspicious transaction reporting and internal control requirements.

It should be noted that, after the FIC Act came into force, South Africa implemented a program to re-identify all existing customers. The issue of beneficial ownership has not yet been addressed, however, and South Africa also needs to adopt measures dealing with politically exposed persons PEPs and correspondent banking.

Mutual Evaluation of South Africa

The FIC Act covers some designated non-financial businesses and professions DNFBPs ; however, South Africa needs to broaden the legislation to cover dealers in precious metals and stones, company service providers, and more broadly cover accountants.

South African authorities have established effective mechanisms to co-operate on operational matters to combat ML and FT.

South Africa can also provide a wide range of mutual legal assistance, including the possibility to extradite its own nationals. S-T Thèmes.