On 10 August 2017 the Anti-Money Laundering and Countering Financing of Terrorism Amendment Act 2017, (the Act), was passed. The Act brings lawyers, conveyancers, accountants, real estate agents (collectively known as Designated Non-Financial Businesses or Professions (DNFBPs)), and sports and race betting, and businesses that deal in certain high value goods (e.g. cars, boats, jewellery, precious metals and stones, artefacts and art), into the existing AML/CFT regime (in force since June 2013).
The Department of Internal Affairs is the AML/CFT supervisor for the Phase Two entities.
Note that these dates could be brought forward by an Order in Council.Read Less
Some of the activities that will attract obligations under the Act include:
This change, currently scheduled to come into effect from 2 July 2018, was perhaps prompted by concerns that valuable financial intelligence for detecting crime was not being passed onto the FIU in circumstances where suspicious or unusual activities did not involve a transaction. Existing reporting entities will require to CHANGE all references to Suspicious Transaction Reports (STRs) to Suspicious Activity Reports (SARs). In addition, changes will need to be made to AML/CFT programme, and monitoring programmes, to ensure that a much wider range of information is captured and considered for possible reporting to the FIU.
The Act also facilitates a possible reduction in compliance costs by expanding the scope of designated business groups and allowing increased reliance, for compliance, by reporting entities on other reporting entities.Read Less
Mornet Van Der Merwe – Head of Collection and Recoveries