When making an investment, don't be surprised if you are asked if you're a politically influential person. Accountable institutions such as financial services providers need to know your status, and disclosing it should have no adverse consequences - provided you aren't involved in money laundering. When seeking to increase contributions to his and his wife's Momentum retirement annuities recently, Leon White was asked if he was "politically exposed" and to provide details about the source of his income. Momentum said it needed this information to process his request. White, who is three years from retirement, was offended. "I have been a client since 1986 and if I wasn't so close to retirement, I would cancel my RA with Momentum with immediate effect." Know your client But Marius Kock, Momentum client care manager, said it was industry practice to check the "politically exposed person" status of a client whenever there was a "know your client" opportunity. The concept of "political...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now