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On-boarding of a client – FIC draft customer due diligence and risk assessment

The Financial Intelligence Centres recently published Draft Public Compliance Communication 108 (PCC 108) with the objective to provide clarity on certain practical application issues relating to the on-boarding of a client in terms of Chapter 3 of the FIC Act. The draft PCC 108 clearly states that each potential client of an accountable institution (AI) should be risk-rated […]

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