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

Notices

Guidance Note 3

Guidance for Banks on Customer Identification and Verification and Related Matters

Anti-Money Laundering and Terrorist Financing Policies and Procedures

5. Client acceptance policies
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In terms of the Core Principles, banks should develop clear customer acceptance policies and procedures, including a description of the type of customer that is likely to pose a higher than average risk to a bank. In preparing such policies, banks should take into account all risk indicators, including factors such as the customer's:

•background;
•country of origin;
•public or high profile position;
•linked accounts and;
•business activities.

 

Banks should develop graduated customer acceptance policies and procedures that require extensive due diligence for higher risk clients. These policies and procedures should form part of a bank's risk framework, referred to in paragraph 2 above.