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

Notices

Guidance Note 3

Guidance for Banks on Customer Identification and Verification and Related Matters

Establishing and Verifying Identities

Legal Entities

17. Identification and verification of pension and provident funds

Purchase

As a general rule, a bank has to establish and verify the identity of a pension and a provident fund. A pension and a provident fund will fall into the category of "other legal person" (Regulation 11 of the Regulations).

The bank must obtain from the natural person acting or purporting to act on behalf of the pension or provident fund:

•	the name of the pension or provident fund;

•	the address of the legal entity establishing the fund;

•

the full names, date of birth and identity number or passport number of the trustees or any other persons appointed to act on behalf of the pension and provident fund or who purports to establish a business relationship or to enter into a transaction with the bank on behalf of the pension and provident fund; and

•	the residential address of the trustees or any other persons appointed to act on behalf of the pension and provident fund or who purports to establish a business relationship or to enter into a transaction with the bank on behalf of the pension and provident fund.