The South African Reserve Bank (SARB) has imposed a fine of R200 000 on Clientele Life Assurance and cautioned Hollard Life Insurance and OUTsurance Life after finding weaknesses in the companies’ money laundering control measures in line with the Financial Intelligence Centre Act (FICA).
FSP’s must ensure that they are registered with the FIC centre and comply with the FIC requirements. It is important that all employees are trained with the FIC requirements and familiar with the companies FICA policy. Insurers are expected to know their clients, representatives, agents and intermediaries with whom they have mandates.
When joining an insurer or transferring to a new insurer a funeral parlour must provide the insurer with FIC documents on quote or underwriting stage to enable the Insurer to screen your company.
FICA documents required by EUM include;
Copy of ID’s of all owners or directors
Proof of address
Proof of banking details for your premium account and for your business account
Resolutions signed by directors / members / trustees / partners
Other documents that may be required for successful screening by the Insurer.