Intellectual Property Rights from Publicly Financed Research and
R 385
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)RegulationsMoney Laundering Control RegulationsExemptionsPart 3 : Exemptions for members of Exchanges |
| 8) | Exemption from sections 21 and 22 of Act 38 of 2001 |
Every accountable institution, which performs the functions of an accountable institution referred to in items 4 and 15 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of Sections 21 and 22 of the Act in respect of the clients on whose behalf a person or an institution is acting when entering into a business relationship with the accountable institution, if —
| a) | that person or institution is situated in a country where, to the satisfaction of the relevant supervisory body, it is subject to anti-money laundering regulation and supervision of compliance with such anti-money laundering regulation, which is equivalent to that which applies to the accountable institution, and |
| b) | that person or institution confirms in writing to the satisfaction of the accountable institution that the person or institution will have obtained and recorded the identities of all such clients in the manner required by that country’s anti-money laundering legislation. |
| 9) | Exemption from regulations made under Act 38 of 2001 |
| 1) | Every accountable institution which performs the functions of an accountable institution referred to in items 4 and 15 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of regulation 7(f), 7(g), 7(h), 7(i), 7(j), 8(c), 9(h), 9(i), 9(j), 10(c) and 10(e) of the Regulations, and of section 22(1)(a), 22(1)(b), 22(1)(c), 22(1)(d), 22(1)(e), 22(1 (h) and 22(1)(i) of the Act concerning the particulars referred to in those regulations, in respect of a business relationship established, or single transaction concluded, with a client which is – |
| a) | a legal person, and |
| b) | a non-controlled client as defined in the Rules of the JSE Securities Exchange South Africa, as amended. |
| 2) | Every accountable institution which performs the functions of an accountable institution referred to in items 4 and 15 of Schedule 1 to the Act is exempted, in respect of those functions, from compliance with the provisions of regulation 9(h), 9(i), 9(j), 9(k), 10(c) 10(d) and 10(e) of the Regulations, and of section 22(1)(a), 22(1)(b), 22(1)(c), 22(1)(d), 22(1)(e), 22(1)(h) and 22(1)(i) of the Act concerning the particulars referred to in those regulations, in respect of a person or an institution with whom the accountable institution enters into a business relationship, if that person or institution is situated in a country where, to the satisfaction of the relevant supervisory body, it is subject to anti-money laundering regulation and supervision of compliance with such anti money laundering regulation, which is equivalent to that which applies to the accountable institution. |
