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 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 |
Source(s): Table created by authors