The South African media has warned that new anti-money laundering legislation, which came into effect today, will make it harder for SA residents to open bank accounts.
The Financial Intelligence Centre Act of 2001 will require those looking to open new accounts to provide bank staff with identity papers, utility bills, and income tax and VAT registration numbers.
New requirements with regard to the reporting of suspicious transactions are also contained within the bill, which aims to bring South Africa into accordance with international anti-money laundering standards.
According to reports, banks which fail to abide by the new laws could face fines of up to R10 million, in addition to 15 year jail terms for staff that break the rules.
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