Anti-Money Laundering Compliance

Genesis understands that Money laundering threatens the integrity of the international financial services industry. It poses an increasing threat to the very fabric of society and can interfere negatively with the economic, political and democratic foundations of the developed world.

Although Genesis does not take deposits from customer, but simply acts as an intermediary between clients and bankers, Genesis has a responsibility, and obligation, to assist in the international efforts to combat money laundering and terrorist financing.

The existing law on the prevention of money laundering, and the requirements that financial institutions know their customers, are found in the Proceeds of Crime Act, 2000 (Act No. 44 of 2000), the Financial Transactions Reporting Act, 2000 (Act No. 44 of 2000) and the Financial Transactions Reporting Regulations, 2000 (Statutory Instrument No. 111 of 2000).

Genesis is also aware of external legislations, like the USA PATRIOT Act, and external bodies, like the Financial Action Task Force, and as a result we have strengthened our internal policies and procedures to prevent and detect money launderers and terrorist financing.