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AML/CFT Legislation in South Africa
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AML/CFT Legislation in South Africa

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South Africa's AML/CTF supervisor​

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The Financial Intelligence Centre (FIC)​

The FIC was established in terms of the FIC Act. The Act works together with the Prevention of Organised Crime Act, (POCA), the Protection of Constitutional Democracy Against Terrorist and Related Activities Act (POCDATARA Act), the South African Police Service Act, (SAPS Act) and the National Strategic Intelligence Act.

The FIC Act Accountable Institutions (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism. POCA criminalises money laundering and provides for the confiscation and forfeiture of the proceeds of crime. The POCDATARA Act provides measures to counter the financing of terrorism.

How to comply with FICA regulations in South Africa

The following businesses are considered Accountable Institutions:

  • Attorneys
  • Trust Companies
  • Estate Agents
  • Brokers
  • Collective Investment Schemes​
  • Banks ("Business of a Bank")
  • Mutual Banks
  • Long Term Insurers​
  • Casinos (or anyone with a gambling license)​
  • Lenders that lend against the security of securities​
  • Financial Services Providers (anyone registered as an FSP), excluding short term insurance and health benefit providers​
  • Forex dealers and Bureau de Changes​
  • Travellers' Cheque dealers​
  • The Postbank​
  • The Ithala Development Finance Corporation Ltd​
  • Money Remitters​

As an Accountable Institution, you need to ensure that you:

  • Develop a risk management and compliance programme (RMCP) and adopt a risk-based approach to customer due diligence;
  • Keep records of all customer transactions;​
  • Appoint a compliance officer;​
  • Train employees on how to comply with the FIC Act;
  • Submit regulatory reports; and
  • Register with the FIC.​

The risk-based approach allows each Accountable Institution to assess its own exposure to the potential of its products and services being used to launder money or finance terrorism and implement the necessary controls to mitigate these risks. The RMCP documents these risks and controls and demonstrates how each risk is mitigated by the relevant controls.

What are my AML/CTF reporting obligations?​

As an Accountable Institution, you must report certain transactions and suspicious matters to the FIC. Your reporting obligations include:

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Cash Threshold Reports and Cash Threshold Reports Aggregated (CTRs and CTRAs) - must be submitted within 48 hours of the transaction taking place

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International Fund Transfer Reports (IFTRs) - must be submitted within in 48 hours of the transaction taking place​

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Suspicious Transaction Reports and Suspicious Activity Reports (SARs) - must be submitted within 15 days of the transaction or activity being identified as suspicious​

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Terrorist Property Reports, Terrorist Financing Activity Reports, and Terrorist Financing Transaction Reports (CPRs, TFARs, and TFTRs) - must be submitted within 5 days of becoming aware of the fact

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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