In order to meet the regulatory compliance requirements in line with the FIC Amendment Act 2017, Sanlam is obligated to identify and verify all persons and entities we interact with. This is in response to anti-money laundering, countering of financing of terrorism, anti-bribery corruption and anti-tax avoidance. Sanlam reserves the right to cease doing business with a customer if any of the obligations in terms of the FIC Amendment Act, 2017 and other party due diligence requirements are not met.

The Sanlam Umbrella Fund has started screening all new business in order to be fully compliant with this regulation by the due date of 2 April 2019. To meet these requirements, all new participating employers of the Sanlam Umbrella Fund and the Sanlam Unity Umbrella Fund are obligated to provide the most updated documentation verifying ownership of the entity. For example, CIPRO documents, certified copies of South African identity documents and sworn affidavits.

Following the screening of these participating employers if the need arises for further investigation we could ask for any additional information such as confirmation of beneficial owners.

Existing participating employers of the Sanlam Umbrella Fund and the Sanlam Unity Umbrella Fund are subject to the same requirements and obligations as stipulated in the FIC Amendment Act 2017. These participating employers will be managed separately and will be notified in due course on the actions required from all parties to be fully complaint.