Public Compliance Communications 7
PCC 22 - International privacy laws and CIV
Guidance provided by the Centre is the only form of guidance formally recognised in terms of the FIC Act and the Regulations issued under the FIC Act. (page 1)
This public compliance communication cross-references 2 linked laws.
Relationships in
No relationships recorded.
Relationships out
No relationships recorded.
Linked legislation
Cross-references
Low confidenceFinancial Intelligence Centre Act 38 of 2001 21
"1.1 Section 21 of the FIC Act prohibits accountable institutions from establishing business relationships or entering into single transactions with their clients unless they have taken the prescribed steps to establish and verify the identities of their clients, or establish and verify the identities of persons representing their clients."
Cross-references
Low confidenceMoney Laundering and Terrorist Financing Control Regulations, 2002
"38 of 2001, as amended (the FIC Act) read together with Regulation 28 of the Money Laundering and Terrorist Financing Control Regulations (the Regulations) issued in terms of the FIC Act."
Document
financial intelligence centre
REPUBLIC OF SOUTH AFRICA
PUBLIC COMPLIANCE COMMUNICATION No. 22 (PCC 22) –
CLIENT IDENTIFICATION AND VERIFICATION REQUIREMENTS IN RELATION
TO INTERNATIONAL OR FOREIGN PRIVACY AND DATA PROTECTION LAWS
The Financial Intelligence Centre (the Centre) provides the guidance contained in this Public Compliance Communication (PCC) in terms of its statutory function under section 4(c) of the Financial Intelligence Centre Act No. 38 of 2001, as amended (the FIC Act) read together with Regulation 28 of the Money Laundering and Terrorist Financing Control Regulations (the Regulations) issued in terms of the FIC Act.
Section 4(c) of the FIC Act empowers the Centre to provide guidance in relation to a number of matters concerning compliance with the obligations of the FIC Act.
Guidance provided by the Centre is the only form of guidance formally recognised in terms of the FIC Act and the Regulations issued under the FIC Act. Guidance provided by the Centre is authoritative in nature. An accountable institution must comply with the FIC Act and Regulations read with guidance issued by the Centre, and where there is a departure explain the reasons for not adhering to the guidance provided by the Centre. It is important to note that enforcement action may emanate as a result of non-compliance with the FIC Act in areas where there have been non-compliance with the guidance provided by the Centre.