In the third instalment of our Party Due Diligence series, we look at what needs to happen when clients change their banking details.
If a planholder or payer (for payments made by a third party) has not previously been identified and verified, this will need to be done as a prerequisite to changing the banking details on the plan.
Best practice is for intermediaries to make sure clients are aware of this and to proactively ensure all necessary identification information and documentation for their clients are kept on record, so that transactions can be completed in good time.
This snippet is part of a series. If you missed the others, click on the links below.
For more information on the requirements as stipulated in the FIC Amendment Act, click here.