FICA COMPLIANCE
situations in which a Testator sets up a testamentary trust ( or mortis causa trust ) and bequeaths / leaves property to a trustee / trustees in his / her Will to be administered in favour of selected beneficiaries on the death of the Testator . This type of trust will only come into being on the death of the testator . Wills are , however , the more standard primary document and the CDD disclosures and documents are set out below with this in mind .
Below are examples of potential documentation and disclosures that may be required , bearing in mind each Accountable Institution ’ s risk-based approach and risk rating matrixes and is by no means exhaustive .
For purposes of this article , we will look at examples of standard evidence ( for low and medium risk clients ) and enhanced evidence ( for those higher risk relationships ) that could be requested :
• Client disclosure in a client onboarding form / mandate letter with accompanying copy of Letters of Authority / Executorship issued by the Master giving authority to the Executor to act ;
• A copy of the Deceased ’ s Will ;
• Notice of Death
• Death Certificate
• Bank document confirming the Estate ' s bank details from a standard due diligence perspective may be requested and for enhanced evidence , certified copies of these documents
• In terms of the Parties to be
118 DECEMBER 2022 / JANUARY 2023 SA Real Estate Investor Magazine