Important Changes to the Financial Intelligence Centre Act

Introduction
This article considers the amendments introduced by the recently promulgated Financial Intelligence Centre Amendment Act No. 1 of 2017 (the “FIC Amendment Act”) and the effects in relation thereto. The Amendments require that Institutions understand their relationships with their customers rather than only identifying them and, accordingly, apply the appropriate risk mitigation controls.

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Author: Derrick Markotter

RCCI Webmaster Derrick runs a boutique web marketing agency, IdealMedia Marketing.