The requirements of the FIC Amendment Act are being rolled out Group-wide.
Accountable institutions have until 2 April 2019 to fully implement the requirements of the FIC Amendment Act. The Act, which is aimed at combating financial crimes, requires all businesses to conduct a risk assessment, or due diligence, on all parties before entering into a business relationship or transaction.
Sanlam has been working in earnest to ensure full compliance by this date. To this end, several Sanlam businesses started implementing the documentation and other requirements during 2018, including Glacier and Sanlam Savings.
From 1 February, in the final push towards regulatory compliance, Sanlam Individual Life will now also start implementing the documentation requirements of the FIC Amendment Act. This means that from this date, additional information to verify natural and legal persons will be required for a risk cover application to be issued. If the information isn’t provided, or if there’s doubt about the reliability of the information, the business will have to conduct a request for information (RFI).
For more details about the document requirements, click here.
The New Business Client Help Desk may be contacted at 021 916 3600 to establish if Sanlam already has an acceptable ID document on record for natural persons.
Note: We’ll share additional snippets of information in future editions.