Financial Intelligence Centre Act

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The Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act):

The FIC Act applies to accountable institutions and reporting institutions and these entities are clearly identified in schedules 1 and 3 of the Act. The FIC Act had major amendments during 2017 which requires a major paradigm shift from accountable and reporting institutions. The Financial Intelligence Centre and the National Treasury have proposed major changes to accountable and reporting institutions and their intension to add new categories such as credit providers to the list of accountable institutions.

We have experts to assist you in negotiating the anti-money laundering and terrorist financing landscape and to ensure compliance with the FIC Act and the legal framework.

Governance to FICA

Our experts understand the concepts such as:

  • Risk based approach to customer due diligence
  • Sanctions screening
  • Financial intelligence reports (STRs, CTRS, TPRs etc)
  • Risk management and compliance programmes
  • Record keeping
  • Registration
  • Governance
  • Training

Where an accountable institution has been inspected by any of the regulatory bodies for FIC Act compliance we can represent and advice in respect of administrative fines and represent the accountable institution at the FIC Act Appeal Board.

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