Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Control Measures for Money Laundering and Financing of Terrorist and Related Activities - Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

(a)	establish and verify the identity of a client or other relevant person in accordance with section 21 or 21B;

(b)	obtain the information contemplated in section 21A; or

(c)	conduct ongoing due diligence as contemplated in section 21C,

the institution—

(i)	may not establish a business relationship or conclude a single transaction with a client;

(ii)	may not conclude a transaction in the course of a business relationship, or perform any act to give effect to a single transaction; or

(iii)

must terminate, in accordance with its Risk Management and Compliance Programme, an existing business relationship with a client,

as the case may be, and consider making a report under section 29 of this Act.

[Section 21E inserted by section 10 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]