Reference no: EM133418473

With effect from a date determined by the Minister by notice in the Gazette. a person may not act or offer to act as a financial services provider unless such person has been issued with a licence under section8.
FAIS Act, 2002, Section 8(1)
An application for an authorisation referred to in section 7(1). including an application by an applicant not domiciled in the Republic, must be submitted to the registrar in the form and manner determined by the registrar by notice in the Gazette, and be accompanied by information to satisfy the registrar that the applicant complies with the requirements for fit and proper financial services providers or categories of providers. determined by the registrar by notice in the Gazette, after consultation with 10 the Advisory Committee, in respect of -
(a) personal character qualities of honesty and integrity;
(b) the competence and operational ability of the applicant to fulfil the responsibilities imposed by this Act; and
(c) the applicant's financial soundness:
Provided that where the applicant is a partnership. a trust or a corporate or unincorporated body, the applicant must, in addition, so satisfy the registrar that any key individual in respect of the applicant complies with the said requirements in respect of-
(i) personal character qualities of honesty and integrity; and
(ii) competence and operational ability,
to the extent required in order for such key individual to fulfil the responsibilities imposed on the key individual by this Act.
FAIS Act, 2002, Section 19(1)
(I) Except to the extent exempted by the registrar. an authorised financial services provider must, in respect of the business carried on by the provider as authorised under the provider's licence-
(a) maintain full and proper accounting records on a continual basis, brought up to date monthly; and
(b) annually prepare, in respect of the relevant financial year of the provider, financial statements reflecting, with suitable particulars, the financial position of the business as at the last day of the financial year in question. and the results of the operations and cash flow information for the period then ended.

FAIS Act, 2002, Section 19(2)(a)
(2) (a) An authorised financial services provider must cause the statements referred to in subsection (l)(b) to be audited and reported on by an external auditor approved by the registrar, in order to produce-
(i) an audited balance sheet, including such notes thereon or documents attached
(ii) an audited income statement, including such notes thereon or documents attached thereto as may be necessary; and
(iii) an audited statement of the source and application of funds.

FAIS Act, 2002, Section 13 (2)
(2) An authorised financial services provider must-
(a) at all times be satisfied that the provider's representatives, and key individuals of such representatives, are, when rendering a financial service on behalf of the provider, competent to act, taking into consideration requirements similar to those contemplated in paragraphs (a) and (b) of section 8( 1 ) and subsection 15 (1 )(b)(ii) of this section, where applicable; and
(b) take such steps as may be reasonable in the circumstances to ensure that representatives comply with any applicable code of conduct as well as with other applicable laws on conduct of business.
FAIS Act, 2002, Section 13 (3)
(3) The authorised financial services provider must maintain a register of representatives, and key individuals of such representatives. which must be regularly updated and be available to the registrar for reference or inspection purposes.

Financial Intelligence Centre Act, 2001, Section 20A
An accountable institution may not establish a business relationship or conclude a single transaction with an anonymous client or a client with an apparent false or fictitious name.
Financial Intelligence Centre Act, 2001, Section 22 (1)(2)
(1) When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information.
(2) Without limiting subsection (1), the records must-
(a) include copies of, or references to, information provided to or obtained by the accountable institution to verify a person's identity; and
(b) in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning-
(i) the nature of the business relationship;
(ii) the intended purpose of the business relationship; and
(iii) the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.
Financial Intelligence Centre Act, 2001, Section 24
(1) The duties imposed by sections 22 and 22A on an accountable institution to keep a record of the matters specified in those sections may be performed by a third party on behalf of the accountable institution as long as the accountable institution has free and easy access to the records and the records are readily available to the Centre and the relevant supervisory body for the purposes of performing its functions in terms of this Act.
Financial Intelligence Centre Act, 2001, Section 28
An accountable institution and a reporting institution must, within the prescribed period, report to the Centre the prescribed particulars concerning a transaction concluded with a client if in terms of the transaction an amount of cash in excess of the prescribed amount-
(a) is paid by the accountable institution or reporting institution to the client, or to a person acting on behalf of the client, or to a person on whose behalf the client is acting; or
(b) is received by the accountable institution or reporting institution from the client, or from a person acting on behalf of the client, or from a person on whose behalf the client is acting.
Financial Intelligence Centre Act, 2001, Section 42(1)(2)(3)
(1) The board of directors of an accountable institution which is a legal person with a board of directors, or the senior management of an accountable institution without a board of directors, must ensure compliance by the accountable institution and its employees with the provisions of this Act and its Risk Management and Compliance Programme.
(2) An accountable institution which is a legal person must-
(a) have a compliance function to assist the board of directors or the senior management, as the case may be, of the institution in discharging their obligation under subsection (1); and
(b) assign a person with sufficient competence and seniority to ensure the effectiveness of the compliance function contemplated in paragraph (a).
(3) The person or persons exercising the highest level of authority in an accountable institution which is not a legal person must ensure compliance by the employees of the institution with the provisions of this Act and its Risk Management and Compliance Programme, in so far as the functions of those employees relate to the obligations of the institution.
Financial Intelligence Centre Act, 2001, Section 43
An accountable institution must provide ongoing training to its employees to enable them to comply with the provisions of this Act and the Risk Management and Compliance Programme which are applicable to them.