Phase 2 of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Amendment Bill will be effective from October 2018. The new regulations will extend the current AML/CFT Act to cover:
- Real estate agents
- Some businesses that deal in high value goods
- Betting on sports and racing
We – together with our clients – will have to be proactive and ensure that the right systems and procedures are implemented at the right time. It will have far-reaching implications.