In terms of the Financial Intelligence Centre Act 2001, 31 December 2004 is the deadline by which banks have to establish and verify the identity of affected clients, being all its clients characterised as high risk in terms of its risk framework, excluding those clients in the high risk categories governed by the 31 October 2004 deadline. The deadline of 31 December 2004 only applies to this particular category of affected bank clients.
After 31 December 2004, banks must comply with the law and stop transactions on the accounts of affected clients in the abovementioned category who have not cooperated with their bank in its efforts to comply with its legal obligations.
The Financial Intelligence Centre accepts that banks have continued to do their utmost to ensure that they comply with their obligations and commends the banking sector for its efforts in this regard.
To this end, it is expected that banks will not be transacting with noncooperating clients after Tuesday, 1 February 2005.
The Financial Intelligence Centre thanks all banks and cooperating clients for their contribution towards fighting crime.