YW Capital’s internal controls for anti-money laundering and counter-terrorist financing risk management and compliance
Section 42 of The Financial Intelligence Centre Act No 38 of 2001 (“FICA”), as amended by the FIC Amendment Act 1/2017 requires YW Capital to develop, document, maintain and implement a programme for anti-money laundering and counter-terrorist financing risk management and compliance in adherence to the following. This document is referred to as Risk Management and Compliance Programme (“RMCP”). The RMCP addresses the following laws and regulations in South Africa:
YW Capital’s RMCP approach outlines the following:
The person or group exercising the highest level of authority in the business of YW Capital must approve the RMCP and it should be reviewed at regular intervals, at least annually. YW Capital further has to make all documentation relating to the RMCP available to employees involved in Transactions and should further, upon request, make the RMCP available to the FIC or a supervisory body performing functions on behalf of YW Capital.
The board of directors or the senior management of YW Capital must ensure compliance with the provisions of this Act and its RMCP. Non-compliance with the measures set out by Section 42 relating to the implementation and maintenance of the RMCP will cause YW Capital to be subject to an administrative sanction.”