Public Compliance Communications 19
PCC 48 - On certain life insurance business, CDD and risk
The objective of this PCC is to provide clarity on three (3) self-standing issues relating to The risk assessment of an accountable institution in relation to their clients, the implications of the naming of a nominated beneficiary to a life insurance product, and the providing of STR and related information to a supervisory body. (page 3)
This public compliance communication cross-references 8 linked laws.
Relationships in
No relationships recorded.
Relationships out
Cross-references
AI-assistedConfidence 0.8Guidance Note 7
"5.5 The CDD provisions apply as per the entity type for the client (previously nominated beneficiary) and must be aligned with the provisions of sections 21 and 21B of the FIC Act accordingly (Kindly refer to Guidance Note 7 for further explanation on CDD obligations of a client)."
Cross-references
Low confidenceGuidance Note 6A - Terrorist property report obligations
"(Kindly refer to Guidance Note 6A and PCC 44 regarding the freezing of funds)."
Linked legislation
Cross-references
Document
FIC
Financial Intelligence Centre
PUBLIC COMPLIANCE COMMUNICATION
PUBLIC COMPLIANCE COMMUNICATION
No. 48 (PCC 48)
ON CERTAIN LIFE INSURANCE BUSINESS ISSUES INCLUDING CUSTOMER DUE DILIGENCE AND UNDERSTANDING OF RISK IN RELATION TO THEIR CLIENT IN TERMS OF THE FINANCIAL INTELLIGENCE CENTRE ACT, 2001 (ACT 38 OF 2001)
Public Compliance Communication Number 48 on certain life insurance provider issues including customer due diligence and understanding of risk in relation to their client in terms of the Financial Intelligence Centre Act 38 of 2001
PCC SUMMARY
Accountable institutions who offer life insurance products and who provide advice and/or intermediary services in relation to life insurance products must understand the money laundering and terrorist financing (ML/TF) risks posed by their clients, and must perform customer due diligence (CDD) accordingly, when entering into a business relationship and or single transaction.