A higher level of diligence is required when dealing with legal entities

According to the FIC, legal entities are vulnerable to being used for money laundering, as they can be used to disguise:

As an intermediary, you need to:

  • Provide any additional information or documentation requested, for example, from an independent third party, if Sanlam’s risk assessment indicates a high level of risk
  • Keep your eyes open for anything that looks suspicious and report it to the appropriate parties.

This snippet is part of a series. If you missed the previous instalments, read more here:

Please note: to reinforce the key messages, some elements may have been repeated.

For more on the FIC Amendment Act, click here.