Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Control Measures for Money Laundering and Financing of Terrorist and Related Activities - Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

Purchase

[Section 22 heading substituted by section 11 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]

(1)	When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information.

(2)	Without limiting subsection (1), the records must—

(a)	include copies of, or references to, information provided to or obtained by the accountable institution to verify a person’s identity; and

(b)	in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning—

(i)	the nature of the business relationship;

(ii)	the intended purpose of the business relationship; and

(iii)

the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.

[Section 22 substituted by section 11 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]