On 5 June 2015 the National Treasury released new exemptions on Regulations of the FIC Act.
Particulars to be obtained from South Africa citizens and residents, and foreign nationals
The exemptions from compliance relate to certain provisions on particulars to be obtained and verified for South Africa citizens and residents. As well as provisions on particulars to be obtained and verified for foreign nationals in establishing and verifying persons’ identities.
Single transactions to outside of the Republic
The exemption also applies to single transactions which enables the client to transfer or remit funds to a destination outside the Republic, limited to the specified daily and monthly limits.
Responsibilities of accountable institutions
This exemption is however subject to the condition that an accountable institution which enters into a single transaction with a client, or on whose behalf the transaction is conducted, applies enhanced measures over and above its normal procedures, to scrutinise the transaction activity on an on-going basis with a view to identify and report suspicious and unusual transactions.
The exemptions apply to all Accountable Institutions referred to in items 6, 7, 14, 16 and 19 of Schedule 1 to the Act and shall come into operation on 1 July 2015.
Click here for the full notice.