In accordance with global anti-money laundering and anti-terrorist financing regulations, the Financial Intelligence Centre Act (FICA) was amended in 2017 requiring accountable institutions to implement a risk-based approach instead of the traditional rules-based approach which relied mostly on the collection of documents.
Accountable Institutions are also required to continuously monitor the investment activities of their clients and may from time to time need to contact certain clients in order to understand the nature of those activities better.
In the case of SatrixNOW, one of the rules that trigger that action is when a new deposit causes the value of the total deposits made by a client in any tax year (1 March to end-February every year), to exceed an amount we expect in the account.
When that happens:
- We will contact the client to ask them a few questions
- We may request them to send us certain additional documentation
- During this time:
- The funds are not available to invest, but they are held safely in an accrual account where they earn interest at the same rate as a client would earn on free cash
- The value of the deposit is displayed on the right-hand side under the main account overview window as Uncleared Deposits - see yellow highlight in image below - as well as in the total value (NAV) of the client account (top left)
- As soon as the exercise is complete, the deposit is immediately released back into the client account for investment on the platform.
Should you notice a deposit is Uncleared and haven't been contacted yet, please call into our Client Service department on the usual number + 27 (0) 10 020 2250 stating that you have an Uncleared Deposit so that an agent can help you immediately.