An article on finance24.co.za reports that banks can petition Finance Minister Trevor Manuel for an exemption in terms of the Financial Intelligence Centre Act. Murray Michell, the acting director of the Financial Intelligence Centre (FIC), said requests for exemption would need to be well-motivated. And banks would have to explain what they have done and what obstacles they have had to overcome. The Banking Council has made a comprehensive application on behalf of the banks.
Full article on Finance24