This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption 17: The exemption was intended to simplify identification and verification Exemption for requirements for low value products. banks for low This is now included implicitly in the Amendment Act with the introduction value products of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption on The exemption was intended to simplify identification and verification prepaid requirements for low products. instruments (25 This is now included implicitly in the Amendment Act with the introduction June 2010) of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption on The exemption was intended to simplify identification and verification cross border requirements for low value products. remittance This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP.
This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption 17: Exemption for banks for low value products The exemption was intended to simplify identification and verification requirements for low value products. This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption on prepaid instruments (25 June 2010) The exemption was intended to simplify identification and verification requirements for low products. This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP. Exemption on cross border remittance The exemption was intended to simplify identification and verification requirements for low value products. This is now included implicitly in the Amendment Act with the introduction of a risk-based approach which allows an accountable institution to determine which business relationships or transactions pose a lower ML/TF risk and apply the necessary CDD requirements as described in the institution’s RMCP.
Annexure%20E%20Draft%20withdrawal%20notice%20of%20exemptions%20FIN1.docx