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Enhanced due diligence

27 October 2020 LexisNexis

 

Do you know your customer? It’s the law

The long-term consequences of illegal financial activity such as money laundering pose a daily threat to South African businesses. In response to an increase in this kind of crime, the Financial Intelligence Centre Act (FICA) has been amended to tackle illegal financial activities such as illicit financial flows, terrorism financing and tax evasion. This includes a number of control measures aimed at facilitating the investigation of money laundering, including requiring accountable institutions such as financial service providers to put in place anti-money laundering systems.

This includes the requirement to “Know Your Customer” (KYC) by establishing and verifying the identity of all clients prior to establishing a business relationship or concluding a transaction. Along with exposing your clients and business to potential harm, non-compliance with this requirement can result in heavy financial penalties.

 

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QUESTION

Which of the following business models do you favour to achieve a sustainable succession outcome in your financial advice practice?

ANSWER

[a] I will find an independent financial planner to buy my business
[b] I will sell a portion of my advice practice to a large corporate
[c] I will join a large firm and give up my independence
[d] I will invite another independent financial planner to join me
[e] I will partner with a large firm
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FAnews November 2020 Get the latest issue of FAnews

This month's headlines

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