Fica series

Starting with Fica for attorneys in the October edition, she focuses on the onerous obligations imposed on accountable institutions to establish and verify the identity of their clients. Efforts to combat money laundering locally and internationally are discussed, as is the definition of money laundering. The detailed discussion of section 21 - identification and verification of clients and the general exemptions - is especially useful.

November sees Keeping client and transaction records. Here the writer focuses on the duty imposed on accountable institutions to keep detailed records of their clients and the transactions entered into on their behalf.

The articles also aim to provide a forum for practitioners to share their Fica-related experiences and to pose questions about Fica implementation.

De Rebus website