Prudential Authority directive to assist in combating money laundering and terrorist financing activities
The Prudential Authority (PA) deems it necessary to incorporate beneficiaries as a risk factor for money laundering and terrorist financing. The PA issued a directive to accountable institutions to collect identification particulars of beneficiaries to determine if they are politically exposed, if they are on any targeted financial sanctions lists or they have appeared in any adverse media. Just SA supports the Financial Intelligence Centre to combat money laundering and terrorist financing activities.
Read about the requirements from our legal team.