Table 1. Comparison of the anti-money... | Emerald Publishing

Table 1.

Comparison of the anti-money laundering law applicable to VASPs

Legislation reference	South Africa	Mauritius	Namibia	UK
Main anti-money laundering law applicable to VASPs	The FICA	The VAITOSA	The VAA	The MLRs
Supervisor	The Financial Sector Conduct Authority	The commission which refers to the Financial Service Commission	The Bank of Namibia	The Financial Conduct Authority
licencing of VASPs	Licences are issued by the Financial Sector Conduct Authority	VASPs from or in Mauritius must apply for a licence Licences are issued by the Financial Service Commission	VASPs incorporated or registered in Namibia must apply for a licence. Licences are issued by the Bank of Namibia	No licensing is required by UK legislation
Registration of VASPs	Responsibility for registering falls upon VASPs established, registered, incorporated or licensed in South Africa Must be registered with the Financial Intelligence Centre	Responsibility for registering falls upon VASPs. Must be registered with the Financial Intelligence Unit	Responsibility for registration falls upon the bank of Namibia. Must be registered with the Financial Intelligence Centre	Responsibility for registration falls upon the Financial Conduct Authority Must be registered with the Financial Conduct Authority
Customer due diligence measures	Required to perform customer due diligence	Required to perform customer due diligence, with additional prescribed measures for VASPs	Required to perform customer due diligence, with additional prescribed measures for VASPs	Required to perform customer due diligence, with additional prescribed measures for VASPs
Period of record keeping	Minimum of five years	Minimum of seven years	Minimum of five years, with extension period	Minimum of five years, with extension period
Reporting of suspicious transactions	Suspicious transactions must be reported	Suspicious transactions must be reported	Suspicious transactions must be reported	Suspicious transactions must be reported
Protection from criminal and civil liability for any breach of restriction on information disclosed	Protection against criminal or civil liability	Protection against criminal or civil liability	Protection against criminal or civil liability	Protection against civil liability
Prohibition from disclosing (tipping off) a report of suspicious transaction being made	Prohibited from tipping off	Prohibited from tipping off	Prohibited from tipping off	Prohibited from tipping off

Legislation reference	South Africa	Mauritius	Namibia	UK
Main anti-money laundering law applicable to VASPs	The FICA	The VAITOSA	The VAA	The MLRs
Supervisor	The Financial Sector Conduct Authority	The commission which refers to the Financial Service Commission	The Bank of Namibia	The Financial Conduct Authority
licencing of VASPs	Licences are issued by the Financial Sector Conduct Authority	VASPs from or in Mauritius must apply for a licenceLicences are issued by the Financial Service Commission	VASPs incorporated or registered in Namibia must apply for a licence.Licences are issued by the Bank of Namibia	No licensing is required by UK legislation
Registration of VASPs	Responsibility for registering falls upon VASPs established, registered, incorporated or licensed in South AfricaMust be registered with the Financial Intelligence Centre	Responsibility for registering falls upon VASPs.Must be registered with the Financial Intelligence Unit	Responsibility for registration falls upon the bank of Namibia.Must be registered with the Financial Intelligence Centre	Responsibility for registration falls upon the Financial Conduct AuthorityMust be registered with the Financial Conduct Authority
Customer due diligence measures	Required to perform customer due diligence	Required to perform customer due diligence, with additional prescribed measures for VASPs	Required to perform customer due diligence, with additional prescribed measures for VASPs	Required to perform customer due diligence, with additional prescribed measures for VASPs
Period of record keeping	Minimum of five years	Minimum of seven years	Minimum of five years, with extension period	Minimum of five years, with extension period
Reporting of suspicious transactions	Suspicious transactions must be reported	Suspicious transactions must be reported	Suspicious transactions must be reported	Suspicious transactions must be reported
Protection from criminal and civil liability for any breach of restriction on information disclosed	Protection against criminal or civil liability	Protection against criminal or civil liability	Protection against criminal or civil liability	Protection against civil liability
Prohibition from disclosing (tipping off) a report of suspicious transaction being made	Prohibited from tipping off	Prohibited from tipping off	Prohibited from tipping off	Prohibited from tipping off

Source(s): Table created by authors