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Thank You

June 2019

Implementation of the Anti-Money Laundering Legislation

Thank you for your co-operation and understanding with our required implementation of the Anti-Money Laundering legislation. The past 12 months have been challenging for both us and you (as clients) having to comply with the law.

 

The legislation has been applicable to Banks and Share Brokers for several years. The Anti-Money Laundering laws have applied to all lawyers and their clients since mid-2018. On the 1stOctober 2018 it applied to all Accountants and their clients. As from 1stJanuary 2019 it has applied to all Real Estate Agents and their clients. 

 

It has been a challenge for us to meet the required government-imposed standards. We have had to collect and retain information to prove who the client is and where they reside (with it being more complicated if the client is a company or a trust) and have regular Department of Internal Affairs audits to ensure our compliance.

 

It has been a challenge for our clients to provide for us the necessary documentation (particularly if they don’t have documents such as a current passport). In many respects it would be so much easier if there were a national identity card as the sole form of identification. But that’s not likely to happen.

 

Thank you for your perseverance. As more clients have their information recorded by us our future requirements will lessen and cause much less hassle for you.