| (a) |
establish and verify the identity of the client; |
| (b) |
if the client is acting on behalf of another person, establish and verify— |
| (i) |
the identity of that other person; and |
| (ii) |
the client's authority to establish the business relationship or to conclude the single transaction on behalf of that other person; and |
| (c) |
if another person is acting on behalf of the client, establish and verify— |
| (i) |
the identity of that other person; and |
| (ii) |
that other person's authority to act on behalf of the client. |
[Section 21(1) substituted by section 9 of the Financial Intelligence Centre Act, 2017 (Act No. 1 of 2017)]
| (2) |
If an accountable institution had established a business relationship with a client before this Act took effect, the accountable institution may not conclude a transaction in the course of that business relationship, unless the accountable institution has taken the prescribed steps— |
| (a) |
to establish and verify the identity of the client; |
| (b) |
if another person acted on behalf of the client in establishing the business relationship, to establish and verify— |
| (i) |
the identity of that other person; and |
| (ii) |
that other person’s authority to act on behalf of the client; |
| (c) |
if the client acted on behalf of another person in establishing the business relationship, to establish and verify— |
| (i) |
the identity of that other person; and |
| (ii) |
the client’s authority to act on behalf of that other person; and |
| (d) |
to trace all accounts at that accountable institution that are involved in transactions concluded in the course of that business relationship. |
Statistics Act, 1999
