As a Financial Service Provider, it is a legislative requirement that TSA has a Risk Management and Compliance Program (RMCP) in place in order for us to understand our exposure to money-laundering and terrorist-financing risk. The RMCP aims to support us in identifying and assessing these risks so that the integrity of our business and of the financial system of South Africa are safeguarded.
Section 21C of the FIC Act provides for ongoing due diligence measures and these follow on from the obligation to understand the purpose and intended nature of a business relationship. It requires accountable institutions to know the people that they do business with and to ensure that the information held on them is still accurate and relevant. Over the course of the coming year we will be carrying out this ongoing due diligence with all of the intermediaries we work with.
Should you have any questions in this regard, about our RMCP or your own, please do not hesitate to contact us.
Thank you and regards,
The TSA Team