Subject Title - INSETA

ADDITIONAL MEASURES WHEN A PERSON REPRESENTS OR ACTSON AUTHORITY OF ANOTHER Regulation 17 states that if a person wants to establish a businessrelationship or to conclude a single transaction with anaccountable institution on behalf of another person, theaccountable institution must, in addition to the normalidentification and verification requirements, obtain from thatperson information which provides proof of that person‟s authorityto act on behalf of the client. Information that can be obtained includes Mandate, Power ofattorney, etc.VERIFICATION IN THE ABSENCE OF CONTACT PERSON(NON-FACE-TO-FACE CLIENTS) Regulation 18 stipulates that if the accountable institutionobtained identification and verification information from a naturalor legal person without contact in person with such a naturalperson or representative of that legal person, the accountableinstitution must take reasonable steps to establish the existenceand verify the identity of that natural person or legal person. Authorised FSPs are encouraged to establish procedures fordealing with non-face-to-face clients and must incorporate theminto their main client acceptance procedure manual.15.3 RECORD-KEEPING AND REPORTING OBLIGATIONS UNDERTHE FICA AND OTHER LEGISLATION15.3.1 Record-keepingSection 22 of the FICA requires accountable institutions:who establish a business relationshipor conclude a transaction with a client,to keep records of a single transaction or of additional transactionsconcluded in the course of a business relationship.It also prescribes full particulars and details of the information that must bekept as records.© INSETA - Section 1 12a 251