General
In terms of the Financial Intelligence Centre Amendment, Act 1 of 2017, we are required to identify and verify our clients' personal information, known as the KYC or Know-Your-Client process, as well as obtain sufficient information on the client's activities and the purpose for which our services are used.
Why do we need to update KYC information?
Due to legislation we need to know who our clients are and how they intend to use our services. We therefore need to ask clients to update their client information and potentially supply supporting documents, e.g. to verify source of funds and wealth.
Do we ask all our clients for this information?
We are obliged to check and update a client's personal information and documents, not only when we begin a new relationship with them, but also throughout the client relationship – no matter who the client is, or how long they have been with us.
What if a client who should be terminated holds cash and has open positions?
If the client has not closed any open positions and withdrawn the cash on the account, DQM will notify the Head of Sales to close the open positions. Once the positions have been closed, Sales will refer the account to either ODD (if the client is due for remediation) or Support for the payment process to be initiated. Funds will be transferred to the most recent account used for funding.
Is the client allowed to renew their documents after termination?
No, if the account is already terminated then a new account will need to be opened and new verification documents will be submitted to the Onboarding Team.
What documentation should be collected from the client?
The kind of documentation needed varies depending on client type, client relationship and personal circumstances. You can be guided by the documentation required under the Onboarding section.
When does documentation have to be certified?
Original hardcopies are not required. Documentation for clients (which include individuals, corporates and trusts) outside of South Africa must be certified.
Will DMA ask for further documentation?
DMA may require further documentation at its discretion and is obliged to identify the entity down to ultimate beneficial owner unless an exemption is applied on a risk analysis.