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Anti-Money Laundering Policy

Niemann & Swart Inc Attorneys

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Last Updated: 25 September 2024

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Niemann & Swart Inc Attorneys (“we,” “our,” or “us”) is committed to full compliance with all applicable Anti-Money Laundering (AML) laws and regulations, including the Financial Intelligence Centre Act (FICA) of South Africa and global AML standards. This policy outlines our procedures for identifying, preventing, and reporting money laundering and terrorist financing activities.

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1. Purpose

This AML policy is designed to:

  • Ensure Niemann & Swart Inc Attorneys complies with all applicable AML laws and regulations.

  • Set out procedures to detect, prevent, and report money laundering or terrorist financing.

  • Provide guidance to employees on their responsibilities under AML laws.

  • Safeguard the reputation and integrity of Niemann & Swart Inc Attorneys by adhering to best practices in preventing financial crimes.

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2. Scope

This policy applies to all employees, partners, contractors, and any third parties associated with Niemann & Swart Inc Attorneys. It covers:

  • Client onboarding and verification (Know Your Customer, or KYC).

  • Monitoring and reporting of suspicious activities.

  • Record-keeping requirements.

  • Ongoing employee training regarding AML obligations.

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3. Legislative Framework

Niemann & Swart Inc Attorneys operates in compliance with the following legislation:

  • Financial Intelligence Centre Act (FICA): South Africa’s primary AML legislation requiring accountable institutions to implement customer due diligence, record-keeping, and reporting of suspicious transactions.

  • Prevention of Organised Crime Act (POCA): Addresses money laundering, racketeering, and organized crime in South Africa.

  • International AML Regulations: Niemann & Swart also adheres to global AML standards, including recommendations from the Financial Action Task Force (FATF).

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4. Money Laundering Defined

Money laundering is the process through which criminals disguise the origin of illicitly obtained funds, making it appear as though the money was generated through legitimate means. This policy covers all forms of money laundering, including:

  • Placement: Introducing illegal proceeds into the financial system.

  • Layering: Concealing the illicit origin of funds through complex layers of transactions.

  • Integration: Merging the illicit funds with legitimate assets, making it difficult to trace their criminal origins.

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5. Know Your Customer (KYC) and Customer Due Diligence (CDD)

Niemann & Swart Inc Attorneys ensures strict adherence to KYC and CDD protocols to verify the identity of clients and the source of their funds. The following procedures are followed:

5.1. Client Identification and Verification

  • All clients must provide valid identification, including but not limited to government-issued IDs, passports, and proof of address.

  • For corporate clients, we require proof of incorporation, registration documents, and details on directors and beneficial owners.

  • Enhanced due diligence (EDD) is conducted for high-risk clients, including politically exposed persons (PEPs) or clients from high-risk jurisdictions.

5.2. Risk Assessment

We classify clients based on their risk profile, determined by factors such as the nature of their business, geographic location, and transaction history. Clients assessed as higher risk are subject to additional scrutiny and due diligence measures.

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6. Reporting Suspicious Transactions

Niemann & Swart Inc Attorneys is committed to reporting any suspicious activity that may be linked to money laundering or terrorist financing. We will:

  • Identify and monitor unusual or suspicious transactions.

  • File a Suspicious Transaction Report (STR) with the Financial Intelligence Centre (FIC) without notifying the client, as per FICA’s requirements.

  • Document any internal discussions and reports of suspected financial crimes.

Employees are required to report any suspicious activity to the designated AML Compliance Officer (see section 8) as soon as it is identified.

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7. Record Keeping

In compliance with FICA, Niemann & Swart Inc Attorneys retains all records related to client identification, transactions, and STRs for a minimum period of five (5) years from the date of the transaction or the termination of the business relationship. These records include:

  • Copies of client identification documents.

  • Transactional details, including amounts, dates, and purpose of funds.

  • Internal and external communications regarding suspicious activity.

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8. AML Compliance Officer

Niemann & Swart Inc Attorneys has appointed an AML Compliance Officer responsible for:

  • Overseeing and implementing the AML policy.

  • Ensuring staff compliance with AML regulations.

  • Filing STRs with the Financial Intelligence Centre (FIC).

  • Conducting ongoing AML training for all employees.

  • Serving as the main point of contact for AML-related inquiries, both internally and externally.

Contact Information for AML Compliance Officer
Name: Dino Swart
Email: dino@niemannswart.com 
Telephone: 087 148 8947

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9. Employee Training

All employees of Niemann & Swart Inc Attorneys are required to undergo regular training on AML laws and internal procedures. Training covers:

  • Recognizing signs of money laundering and terrorist financing.

  • How to conduct KYC and CDD checks.

  • Internal reporting mechanisms for suspicious activity.

  • Consequences of non-compliance with AML laws.

Employees are expected to complete training upon joining the company and receive refresher courses on an annual basis.

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10. Internal Controls and Monitoring

Niemann & Swart Inc Attorneys has established internal controls to monitor client activities, identify suspicious transactions, and prevent money laundering. These controls include:

  • Ongoing monitoring of client transactions based on risk profile.

  • Regular reviews of client files and activity.

  • A system for flagging and escalating potential AML risks to the Compliance Officer.

We conduct periodic audits of our AML procedures to ensure effectiveness and regulatory compliance.

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11. Penalties for Non-Compliance

Failure to comply with AML regulations can lead to significant consequences for Niemann & Swart Inc Attorneys, including:

  • Legal sanctions and penalties.

  • Reputational damage.

  • Regulatory fines and enforcement actions. All employees are required to follow this policy to avoid disciplinary action, including termination, for non-compliance.

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12. Policy Review and Amendments

This AML policy is reviewed on an annual basis to ensure that it reflects changes in legislation, regulation, and best practices. Niemann & Swart Inc Attorneys reserves the right to amend this policy at any time. Changes will be communicated to all employees, clients, and relevant stakeholders.

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13. Contact Information

For questions, clarifications, or additional information regarding this AML policy, please contact:

Niemann & Swart Inc Attorneys
Website: www.niemannswart.com
Email: info@niemannswart.com
Telephone: 087 148 8947

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By engaging with Niemann & Swart Inc Attorneys or using our services, you acknowledge and agree to the terms outlined in this AML policy.

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