FINANCE
Centre ( FIC ), geographic risk is an important component to consider when assessing client and transaction risk as each country poses different levels of risks based on the features and activities that are associated with it , you can read more about this here .
Also in conjunction with taking someone ' s geographic location into account , you should also perform due diligence on businesses that you are working with .
Common documents requested to perform due diligence on Juristic entities include : Company statutory documents
• Certificate of Registration
• Memorandum of Incorporation
• Certificate of Name Change ( if applicable )
• Signed by a director of the company ;
Proof of physical operating address
• Invoice
• Rates bill
• Letter from the Auditors confirming shareholding
SARS issued document confirming Income Tax and VAT registration number
• Directors resolution appointing the authorised representative of the Company ;
• Certified copy of the ID document of the Directors / Partners / Members as related parties , UBO / s and authorised person / s ;
Certified proof of residential address of Directors / Partners / Members as
• Related parties
• UBO / s
• Authorised person / s ;
Although there is no single globally accepted list that accountable Institutions can rely on to determine the risk posed by a particular area , the FIC considers the listings issued by the FATF as a minimum .
Shell companies and complicated structures A more commonly known method of money laundering is where money launderers use companies , trusts or other similar legal
65 JULY / AUG 2023 SA Real Estate Investor Magazine