Koinexpert is a registered accountable institution with the Financial Intelligence Centre (FIC) as required under Section 43B(1) of FICA. This means that Koinexpert needs to adhere to the requirements set out by the Centre in Financial Intelligence Centre Act (Act 38 of 2001) including all amendments to the Act.
The FIC Act incorporates a risk-based approach to compliance elements such as customer due diligence into the regulatory framework. This risk-based approach is implemented on our website through a questionnaire that all Koinexpert clients must complete in order to generate a detailed risk rating.
Through the risk-based approach, accountable institutions such as Koinexpert can understand their exposure to risk such as money laundering and terrorist financing. By understanding and managing these risks, accountable institutions not only protect and maintain the integrity of their businesses, but also contribute to the integrity of the South African financial system.
We included public document (Guidence Note 7) that can be found on the Financial Intelligence Centre Website should you require more in-depth information. You can also refer to FIC Act Section 21 & 42 that sets out the factors to be appointed during a risk assessment.
Koinexpert is committed to providing services with the utmost integrity to our clients and the regulators. We furthermore met all the requirements set out in the Protection of Personal Information Act (POPIA) with regards to your personal information.
You are welcome to visit our website to view our policies: