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

Notices

Purchase

The following Regulations provide clarity on this matter:

•	Regulation 15(d)(i) of the Regulations requires that a bank must establish the identity of each trustee.

•	Regulation 15(g) of the Regulations requires that the residential address and contact particulars in relation to each trustee be established.

•	Regulation 16 of the Regulations further explains how the identity of a trustee, as well as the residential address, must be verified.

•	There is therefore an obligation on all banks to establish and verify the identity and residential address of each trustee.