Public Compliance Communications 17
PCC 43 - Guidance on shared clients
The objective of this PCC is to provide accountable institutions with the Centre's view on compliance with their customer due diligence obligation in terms of Part 1, Chapter 3 of the FIC Act, where the accountable institution requests assistance from another accountable institution in relation to a shared client. (page 2)
This public compliance communication cross-references 2 linked laws.
Relationships in
Cross-references
Low confidencePCC 43 - Guidance on shared clients
"Refer to PCC 43 for a discussion on reliance in relation to shared clients."
Relationships out
No relationships recorded.
Linked legislation
Cross-references
Low confidenceFinancial Intelligence Centre Act 38 of 2001 42
"Accountable institutions' requests for and supply of CDD information and/or other documentation must be done according to their risk based approached, and detailed in their RMCP as set out in Part 4 Section 42 of the Financial Intelligence Centre Act 2001 (Act 38 of 2001) (FIC Act)"
Document
FIC
Financial Intelligence Centre
PUBLIC COMPLIANCE COMMUNICATION
PUBLIC COMPLIANCE COMMUNICATION
No 43 (PCC43)
ON CUSTOMER DUE DILIGENCE IN
RELATION TO SHARED CLIENTS OF
ACCOUNTABLE INSTITUTIONS
Public Compliance Communication Number 43 on customer due diligence in relation to shared clients
Page 2 of 8
PCC SUMMARY
Accountable institutions are required to conduct customer due diligence (CDD) on their clients in accordance with their risk management and compliance programme (RMCP), which governs the manner in which the accountable institution will comply with their obligations as set out in the FIC Act.
An accountable institution may request the assistance of another accountable institution to provide them with CDD information and/or documentation in relation to a shared client for the purposes of establishing and verifying the identity of the client.
Accountable institutions' requests for and supply of CDD information and/or other documentation must be done according to their risk based approached, and detailed in their RMCP as set out in Part 4 Section 42 of the Financial Intelligence Centre Act 2001 (Act 38 of 2001) (FIC Act)