A financial institution or a person engaged in other business activity shall —
(a) document money laundering and terrorist financing policies and procedures and appropriate risk management systems;
(b) create policies and procedures that deal with politically exposed persons;
(c) configure information technology systems to identify politically exposed persons;
(d) ensure that transactions relating to politically exposed persons are authorized by senior management;
(e) ensure that source of funds and source of wealth are determined for politically exposed persons;
(f) perform enhanced customer due diligence on an on-going basis on all accounts held by politically exposed persons. (Amended by Act 16 of 2021)