Tag: Know Your Client (KYC)
Background checks are worth their weight in gold in the mining...
South Africa possesses ore reserves amounting to a value of more than US$2.5 trillion, with 16 commodities ranked in the top ten internationally. In such an important and high-value sector of the economy, it’s easy to see why the mining industry is a frequent target for malfeasance of all kinds – from deceptive suppliers to tender fraud.
Freezing of clients’ account prohibited in certain circumstances
The Financial Intelligence Centre Act, 38 of 2001 (FIC Act), places an obligation on accountable institutions to identify clients, to keep record of transactions, to report various transactions and to take measures to promote compliance with the provisions of the FIC Act.
