As an Accountable Institution accountants will have the following responsibilities:

• Identify and verify new and existing clients.
• Keep records of identities of clients and transactions entered into with clients.

If the client acts on behalf of a third party, records of the identity of the third party as well as a copy of the mandate between the client and the third party shall be obtained and retained in instances of concluding a single transaction, concluding transactions as part of a business relationship or establishment of a business relationship.

The method of identification and verification of particulars:

• The exact nature of the transaction or business relationship.
• The parties to a transaction as well as the monetary value thereof.
• The particulars of the employee or representative that obtained the information.
• The information, documentation or forms furnished by the client to verify the information.

Responsibilities in addition, to keeping records:

• No person shall destroy any record, except if the destruction of such record was authorised by the responsible person.
• No person shall amend any record kept in terms of FICA.
• Report certain large or suspicious transactions to the Financial Intelligence Centre established by FICA.
• Formulate and implement internal rules consistent with FICA obligations.
• Offer compulsory FICA training to employees.
• Appoint a responsible person as a compliance officer to monitor compliance.

• Download the FIC Proposal to include Accountants as Accountable Institutions
• Link to Namibian FIC
• Link to South African FIC