The Financial Intelligence Centre has called for comment by 10 January 2019 on two draft guidance papers on complying with the requirements of specific sections of the 2001 Financial Intelligence Centre Act, reports Pam Saxby for Legalbrief Policy Watch. According to an accompanying notice, the draft paper for accountable institutions provides guidance on the receipt of funds while attending to customer due diligence requirements. This is bearing in mind that an accountable institution may initiate the processes related to concluding a single transaction or entering into a business relationship while at the same time verifying the identity of each relevant person.
According to a notice on the draft paper for supervisory bodies, it provides guidance on conditions attached to the licence, registration, approval and authorisation processes followed under the Act, along with each applicant’s associated obligations. Among other things, the draft paper recommends that the supervisory body concerned considers each applicant’s ability to meet the requirements of these conditions once a licence has been granted.