How we screen Clients and beneficial owners against politically exposed person indicators and applicable sanctions lists, as part of our FICA obligations.
This Statement explains how Makeba Markets (Pty) Ltd (FSP 53160) screens Clients and beneficial owners against politically exposed persons ("PEP") indicators and applicable sanctions lists, as part of its FICA obligations.
All prospective Clients, and, where applicable, their beneficial owners, are screened at onboarding, and periodically thereafter, against international sanctions lists (including those maintained by the United Nations Security Council and other relevant bodies) and PEP databases, using automated screening tools and/or manual review.
A politically exposed person is an individual who holds, or has held, a prominent public function (domestically or internationally), or who is a known close associate or immediate family member of such a person. Identification as a PEP does not automatically preclude a business relationship but triggers enhanced due diligence.
Where a Client or beneficial owner is identified as a PEP, the Company applies enhanced due diligence, including senior management approval prior to establishing the relationship, additional source-of-wealth verification, and more frequent ongoing monitoring.
The Company will not establish or continue a business relationship with any person or entity that is subject to applicable sanctions, and will freeze, restrict, or terminate any relationship where a sanctions match is confirmed, in accordance with Applicable Regulations and any directions from the Financial Intelligence Centre or other competent authority.
Client and beneficial owner records are re-screened on a periodic basis and upon updates to relevant sanctions or PEP lists, to ensure continued compliance throughout the business relationship.
The outcome of screening checks, and any related reports made to the Financial Intelligence Centre, are treated as confidential and are not disclosed to the Client where such disclosure is prohibited by law.