South Africa
Register overview
Reviewed evidence for the retained instruments. The wider curated handbook remains in review.
- Collected provisions
- 1236
- Independently reviewed
- 1235
- Held for review
- 1
- Included instruments
- 20
Coverage and gaps
The collected register and the retail-bank journey are different scopes. Outstanding work is shown here once; it is not silently treated as completed coverage.
Full scope statement
The register accounts for 20 retained instruments covering FICA, reporting Regulations and their separate July 2026 amendment, FIC employee screening, reporting-failure mitigation, beneficial ownership and crypto-asset transfers, Prudential Authority bank guidance, POCA and the separately retained POCDATARA base Act, 2022 amendment and commencement notice. Every extracted unit in these instruments has a processing disposition. Only independently reviewed explanations are readable; unresolved analysis remains withheld at its exact provision. The individual retail-bank journey connects selected evidence to bank readiness, customer identification, risk, opening decisions, monitoring, reporting and retention. Crypto-transfer and correspondent-bank rules apply only to their stated activities, not automatically to every retail account. Binding legislation and directives remain distinct from supervisory guidance and RegCanary's implementation explanation. The retained editions and amendment history are visible per instrument. This is dated financial-crime coverage, not a bank-licensing checklist or a claim that all current South African banking law has been analysed.
Analysis to finish 3
- Collected, analysis outstanding: the Prudential Authority's December 2025 banking-sector risk assessment and Communication 1 of 2025; the 2022 bank risk-return workbook cells are also retained but their explanations remain unpublished
- Item-by-item analysis of Schedule 2 (supervisory bodies) and Schedules 3A to 3C (domestic and foreign politically exposed persons and prominent influential persons): each schedule is recorded as one provision
- The apparent printed offence-wording defect in the 2026 amendment's clause 7: source custody is verified, but its legal interpretation remains unresolved and unpublished
Source retrieval and currentness 5
- Source retrieval outstanding: the original FSCA Communication 44 of 2024 on the crypto-asset travel rule could not be retained; Directive 9 itself is included, with its activity-specific scope
- Source-register reconciliation outstanding: other FIC communications and guidance from the FSCA and other supervisory bodies are not claimed as fully collected or analysed
- A fully reconciled current Regulations consolidation: the 1 February 2023 baseline and the 1 July 2026 amendment are retained separately; remaining intervening or later amendments require reconciliation
- Any amendment to FICA not shown in the Financial Intelligence Centre's October 2023 consolidation used here: that consolidation carries the 2022 amendments (sections 26A to 26C on targeted financial sanctions, section 28A on property reporting and the crypto asset service provider entry in Schedule 1), but later changes should be checked against the Government Gazette
- Schedule 3C's operative transaction-value notice and any later postponement: the 2022 commencement evidence and Guidance Note 7B's envisaged-delay statement need reconciliation; no threshold is invented
Outside this retail-account scenario 2
- Outside the ordinary bank activity: final FIC Directives 10, 11 and 12 are retained; their application clauses omit Schedule 1 item 6 and the latter two expressly exclude banks in their item-11 population. Separately listed activities still require analysis before those rules are assigned
- Bank authorisation, prudential and conduct permissions, deposit/product law, exchange controls, privacy and customer-notice rules are outside this AML retail-account journey
Review of collected instruments
| Instrument | Collected | Reviewed | Held |
|---|---|---|---|
| 13 | 13 | 0 | |
| 11 | 11 | 0 | |
| 50 | 50 | 0 | |
| 234 | 234 | 0 | |
| 63 | 63 | 0 | |
| 88 | 88 | 0 | |
| 152 | 152 | 0 | |
| 28 | 28 | 0 | |
| 9 | 8 | 1 | |
| 23 | 23 | 0 | |
| 41 | 41 | 0 | |
| 80 | 80 | 0 | |
| 29 | 29 | 0 | |
| 107 | 107 | 0 | |
| 97 | 97 | 0 | |
| 61 | 61 | 0 | |
| 89 | 89 | 0 | |
| 30 | 30 | 0 | |
| 29 | 29 | 0 | |
| 2 | 2 | 0 |
Directive 3A, paragraph 2.2.1
FIC Directive 3A of 2025 · Directive 3A, paragraph 2.2.1
Plain English
A covered reporter that becomes aware of a reporting failure must notify the named FIC executive in writing immediately. The clause states no fixed number of hours or days.
Obligation
A covered reporter that becomes aware of a reporting failure must notify the named FIC executive in writing immediately. The clause states no fixed number of hours or days.
Report
Applies to
- Firm types
- Accountable institution, All relevant persons
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review, Investigation
- Conditions
- Only a person or institution with a FICA reporting obligation, and only after becoming aware of a reporting failure.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 3A, paragraph 2.2.2
FIC Directive 3A of 2025 · Directive 3A, paragraph 2.2.2
Plain English
The person or institution must ask the FIC for an engagement about relevant mitigation factors. The text requires a request, not that a meeting necessarily occur.
Obligation
The person or institution must ask the FIC for an engagement about relevant mitigation factors. The text requires a request, not that a meeting necessarily occur.
Report
Applies to
- Firm types
- Accountable institution, All relevant persons
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review, Investigation
- Conditions
- Only a person or institution with a FICA reporting obligation, and only after becoming aware of a reporting failure.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 3A, paragraph 2.3
FIC Directive 3A of 2025 · Directive 3A, paragraph 2.3
Plain English
An agreed mitigation arrangement does not excuse the original failure, suspend continuing reporting duties or bar supervisory enforcement.
Obligation
Not recorded
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Contextual source material; no standalone firm/customer control is mapped in this unit.
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 8, paragraph 2.3
FIC Directive 8 of 2023 · Directive 8, paragraph 2.3
Plain English
The bank must screen prospective and current employees for competence and integrity periodically, using a risk-based approach. This is not customer screening.
Obligation
Periodically screen prospective and current employees for competence and integrity in a risk-based manner.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Applies to the bank as an accountable institution. Persons screened are prospective/current employees, not customers.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 8, paragraph 2.4
FIC Directive 8 of 2023 · Directive 8, paragraph 2.4
Plain English
On a FIC Director notice under FICA section 26A(3), the bank must scrutinise prospective/current employee information to determine whether an employee is named. This is not general customer screening.
Obligation
On a Director’s FICA section 26A(3) notice, scrutinise prospective/current employee information to determine whether an employee is named.
Verify Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Only on the paragraph 2.4 notice trigger and for prospective/current employees.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 8, paragraph 2.5
FIC Directive 8 of 2023 · Directive 8, paragraph 2.5
Plain English
The bank must set out and record how it will conduct paragraph 2.3 screening and paragraph 2.4 employee-information scrutiny. This concerns process design, not customer documents.
Obligation
Provide for and record the manner of employee screening and scrutiny under paragraphs 2.3 and 2.4.
Retain records
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Recorded methods must address both employee processes in paragraphs 2.3 and 2.4.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 8, paragraph 2.6
FIC Directive 8 of 2023 · Directive 8, paragraph 2.6
Plain English
The bank must keep outcome records for competence/integrity screening and paragraph 2.4 employee-information scrutiny.
Obligation
Keep outcome records for employee competence/integrity screening and employee-information scrutiny.
Retain records
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Outcomes of employee processes in paragraphs 2.3 and 2.4.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 8, paragraph 2.7
FIC Directive 8 of 2023 · Directive 8, paragraph 2.7
Plain English
On request, the bank must make records about employee-screening methods and outcomes available to the FIC or relevant supervisory body.
Obligation
On request, make employee-screening method and outcome records available to the FIC or relevant supervisory body.
Report
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review, Investigation
- Conditions
- On request by the FIC or supervisory body performing functions in respect of the institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 83
FIC Guidance Note 7B (3 August 2026) · Paragraph 83
Plain English
The note distinguishes collecting identity information during onboarding or a transaction from verifying it against reliable and independent third-party records.
Obligation
Obtain customer identity information and corroborate it against reliable, independent third-party records.
Collect information Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 85
FIC Guidance Note 7B (3 August 2026) · Paragraph 85
Plain English
For a natural person, the note expects identity processes always to use full names and date of birth and, in most cases, a government-issued unique number. It does not prescribe a universal document pack.
Obligation
Not recorded
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 88
FIC Guidance Note 7B (3 August 2026) · Paragraph 88
Plain English
For basic-identity verification, the guidance says accountable institutions should use government-issued or controlled sources as far as practicable. Only exceptionally, and only when the institution is confident it can adequately manage ML, TF and PF risks, should it use a non-original source.
Obligation
Not recorded
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 90
FIC Guidance Note 7B (3 August 2026) · Paragraph 90
Plain English
An accountable institution remains responsible when using electronic services and receives no automatic indemnity. It should conduct due diligence in choosing the electronic provider and solution.
Obligation
Not recorded
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 120
FIC Guidance Note 7B (3 August 2026) · Paragraph 120
Plain English
The note places identity verification within the relationship or transaction process and says it must be completed before the institution executes the transaction or gives effect to it.
Obligation
Complete identity verification before executing a relationship transaction or giving effect to a single transaction.
Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 121
FIC Guidance Note 7B (3 August 2026) · Paragraph 121
Plain English
The note allows preparatory onboarding steps before verification is complete but warns against creating unmitigated exposure, such as receiving or releasing funds prematurely.
Obligation
Allow preparatory onboarding only with controls against unmitigated risk, including premature receipt or release of customer funds.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 122
FIC Guidance Note 7B (3 August 2026) · Paragraph 122
Plain English
The note says the institution’s programme should define verification timing and how risks are controlled when verification is not finished at the start of a relationship or transaction.
Obligation
Set verification timing and controls for risk when checks are incomplete at relationship or transaction entry in the RMCP.
Assess Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 125
FIC Guidance Note 7B (3 August 2026) · Paragraph 125
Plain English
The note says the programme should describe the information approach and identifies occupation or business, expected fund origins and anticipated account activity as potentially relevant.
Obligation
Record in the RMCP the approach to relationship information, including relevant occupation/business, expected fund origins and anticipated activity.
Collect information Retain records
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 126
FIC Guidance Note 7B (3 August 2026) · Paragraph 126
Plain English
Information obtained under section 21A must be sufficient for understanding the client and relationship and may be accepted at face value for that purpose; the guidance says its veracity need not be verified. The statement covers section 21A information, including expected source-of-funds information described in paragraphs 123 and 125. It does not exempt identity verification or other risk-based checks, or establish a general source-of-funds exemption.
Obligation
Not recorded
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 128
FIC Guidance Note 7B (3 August 2026) · Paragraph 128
Plain English
Ongoing measures identify activity inconsistent with knowledge of the client or relationship and assess possible grounds for an ML, TF or PF suspicion report. Give particular attention to complex or unusually large transactions and unusual patterns without apparent business or lawful purpose. If the institution suspects suspicious or unusual activity and believes continuing CDD would disclose to the client that a section 29 report will be made, it may discontinue that CDD and consider a report; neither step is automatic under this paragraph.
Obligation
Scrutinise inconsistent activity, complex or unusually large transactions and unusual patterns without apparent business or lawful purpose, assessing possible grounds for suspicion reporting. Only where suspicious or unusual activity is suspected and continuing CDD is believed likely to disclose a section 29 report may the institution discontinue CDD and consider reporting.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Ongoing review
- Conditions
- Ongoing scrutiny applies in the business relationship. Discontinuing CDD is only a discretionary option if suspicious or unusual activity is suspected and the institution believes continued CDD would disclose to the client that a section 29 report will be made; the institution may then consider reporting.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 130
FIC Guidance Note 7B (3 August 2026) · Paragraph 130
Plain English
The note says the programme should cover review and recordkeeping for complex or unusually large activity and patterns lacking an apparent business or lawful purpose.
Obligation
Define examination and written-findings processes for complex, unusually large or unexplained activity in the RMCP.
Assess Retain records
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 132
FIC Guidance Note 7B (3 August 2026) · Paragraph 132
Plain English
Where the later doubts or suspicion described in paragraph 131 arise, the institution repeats the relevant sections 21 and 21B steps in accordance with its RMCP and only as far as necessary to confirm information that must be verified. It is not an unconditional repeat-onboarding check.
Obligation
For the later doubts or suspicion described in paragraph 131, repeat relevant sections 21 and 21B steps under the RMCP only to the extent necessary to confirm information that requires verification.
Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Only in the later-event circumstances described in paragraph 131 (later doubts about CDD information or a later ML/TF/PF suspicion); repetition is in accordance with the RMCP and only to the extent necessary to confirm information required to be verified, not automatic repeat onboarding.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 135
FIC Guidance Note 7B (3 August 2026) · Paragraph 135
Plain English
The note calls for a case-specific assessment of whether a CDD failure can be rectified before ending a relationship; refusal after warning and a reasonable response opportunity points toward discontinuance.
Obligation
Assess CDD failure case by case; allow rectification only where reasonable and discontinue after refusal following warning and a response opportunity.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 137
FIC Guidance Note 7B (3 August 2026) · Paragraph 137
Plain English
The RMCP must set out the information-gathering sequence, when verification of a prospective client’s identity must be completed, and when the institution concludes it cannot conduct appropriate CDD if information is not forthcoming in entering a business relationship or concluding a single transaction. Separately, it must provide how to terminate an existing relationship when CDD cannot be completed.
Obligation
Set RMCP procedures for information gathering, verification completion and inability to complete CDD in entering a business relationship or concluding a single transaction; separately provide termination steps for an existing relationship when CDD cannot be completed.
Assess Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- RMCP entry procedures cover entering a business relationship or concluding a single transaction; the termination procedure specifically concerns an existing business relationship when CDD cannot be completed.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 139
FIC Guidance Note 7B (3 August 2026) · Paragraph 139
Plain English
The note does not treat a domestic politically exposed person or prominent influential person as automatically high risk; it calls for an individual assessment and says elevated cases receive the foreign-person measures.
Obligation
Assess domestic politically exposed and prominent influential relationships individually; apply the foreign-person measures where higher risk is found.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 140
FIC Guidance Note 7B (3 August 2026) · Paragraph 140
Plain English
Foreign PEP relationships are always high-risk: obtain senior-management approval before establishment, take reasonable measures to establish source of wealth and source of funds, and conduct enhanced ongoing monitoring. The source-of-wealth/funds information need not be verified, but must be included in the client profile used for monitoring. Section 21H extends sections 21F/21G to immediate family and known close associates of foreign or domestic PEPs/PIPs as applicable. Domestic PEP/PIP relationships are not inherently high-risk; assess each on its merits under paragraph 139. This does not establish PIP commencement or a threshold.
Obligation
For foreign PEP relationships, obtain senior-management approval before establishment, take reasonable measures to establish source of wealth and source of funds without treating this as a verification requirement, include that information in the client profile, and conduct enhanced ongoing monitoring. Apply the section 21H family/associate extension as applicable; do not treat domestic PEP/PIP relationships as inherently high-risk.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- Individual customer
- Stages
- Onboarding, Ongoing review
- Conditions
- Foreign PEP relationships are always high-risk and require the paragraph 140 measures. Under section 21H, sections 21F/21G extend to immediate family and known close associates of foreign or domestic PEPs/PIPs as applicable. Domestic PEP/PIP relationships are not inherently high-risk; apply paragraph 139's individual higher-risk assessment. PIP operational commencement and any threshold remain unresolved and must not be inferred.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 153
FIC Guidance Note 7B (3 August 2026) · Paragraph 153
Plain English
Section 21H applies the section 21F/21G measures, as applicable, to immediate family members and known close associates of foreign or domestic PEPs/PIPs. The applicable category’s risk treatment carries through: domestic PEP/PIP relationships are not inherently high-risk and are assessed individually under paragraph 139. This does not establish PIP commencement or any threshold.
Obligation
Not recorded
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 198
FIC Guidance Note 7B (3 August 2026) · Paragraph 198
Plain English
Accountable institutions must be able to determine whether an existing or prospective client is a sanctioned person or entity. Institutions likely to encounter them should be able to screen existing and prospective clients at take-on and later when the UNSC adopts new or expands existing TFS measures. Likelihood informs the screening discussion and resources, not a waiver of capability; paragraph 200 rejects low-risk assessment or commercial-provider reliance as a defence.
Obligation
Maintain the ability to determine whether existing and prospective clients are sanctioned. Institutions likely to encounter sanctioned persons/entities should screen at take-on and when the UNSC adopts new or expands TFS measures; likelihood sizes effort but does not waive capability.
Assess Verify
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- All customer types
- Stages
- Onboarding, Ongoing review
- Conditions
- Every accountable institution must be able to determine whether existing and prospective clients are sanctioned. The guidance links screening against relevant lists to likelihood of encountering sanctioned persons/entities, at take-on and subsequently when the UNSC adopts new or expands existing TFS measures; likelihood does not waive the capability.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Paragraph 199
FIC Guidance Note 7B (3 August 2026) · Paragraph 199
Plain English
The note links screening resources to the likely exposure of the customer base and target market, highlighting cross-border relationships as a risk factor.
Obligation
Assess likely designated-party exposure in the customer base and target market and size screening effort to that risk.
Assess
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- Retail banking
- Customer types
- All customer types
- Stages
- Onboarding, Ongoing review
- Conditions
- Not recorded
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Definitions
FICA 38 of 2001 · Section 1
Plain English
This section defines terms used throughout FICA. A "single transaction" is outside a business relationship and normally must meet the prescribed minimum value, but that value limitation expressly does not apply for section 20A. The section also defines accountable institution, client, business relationship, beneficial owner, money laundering, proceeds of unlawful activities, the Centre and other terms.
Obligation
Not recorded
Grounding quote
"accountable institution" means a person referred to in Schedule 1
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original text
1. Definitions (1) In this Act, unless the context indicates otherwise– "accountable institution" means a person referred to in Schedule 1; “administrative sanction” means an administrative sanction contemplated in section 45C; “appeal board” means the appeal board established by section 45E; "authorised officer" means any official of– (a) an investigating authority authorised by the head of that investigating authority to act under this Act; (b) the National Prosecuting Authority authorised by the National Director of Public Prosecutions to act under this Act; (c) an intelligence service authorised by the Director-General of that service to act under this Act; (d) the South African Revenue Service authorised by the Commissioner for that Service to act under this Act; (e) the Independent Police Investigative Directorate authorised by the Executive Director of that Directorate to act under this Act; (f) the Intelligence Division of the National Defence Force authorised by the Inspector- General of the National Defence Force to act under this Act; (g) a Special Investigating Unit authorised by the head of the Special Investigating Unit to act under this Act; (h) the office of the Public Protector authorised by the Public Protector to act under this Act; (i) an investigative division in a national department authorised by the head of that national department to act under this Act; or (j) an investigative division of the Auditor-General authorised by the Auditor-General to act under this Act; “bearer negotiable instrument”, means any instrument that may on demand by the bearer thereof be converted to the currency of the Republic or that of another country, and includes, amongst others, cheques, promissory notes or money orders; “beneficial owner”– (a) means a natural person who directly or indirectly– (i) ultimately owns or exercises effective control of– (aa) a client of an accountable institution; or (bb) a legal person, partnership or trust that owns or exercises effective control of, as the case may be, a client of an accountable institution; or (ii) exercises control of a client of an accountable institution on whose behalf a transaction is being conducted; and (b) includes– (i) in respect of legal persons, each natural person contemplated in section 21B(2)(a); (ii) in respect of a partnership, each natural person contemplated in section 21B(3)(b); and (iii) in respect of a trust, each natural person contemplated in section 21B(4)(c),(d) and (e); "business relationship" means an arrangement between a client and an accountable institution for the purpose of concluding transactions on a regular basis; "cash" means– (a) coin and paper money of the Republic or of another country that is designated as legal tender and that circulates as, and is customarily used and accepted as, a medium of exchange in the country of issue; (b) travellers' cheques; "Centre" means the Financial Intelligence Centre established by section 2; “client”, in relation to an accountable institution, means a person who has entered into a business relationship or a single transaction with an accountable institution; "Director" means the Director of the Centre appointed in terms of section 6; “domestic politically exposed person” means a person referred to in Schedule 3A; “entity” has a corresponding meaning with the definition in section 1 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004; “foreign politically exposed person ” means a person referred to in Schedule 3B; “Independent Police Investigative Directorate” means the Independent Police Investigative Directorate established by section 3 of the Independent Police Investigative Directorate Act, 2011 (Act No. 1 of 2011); “inspector” means a person appointed in terms of section 45A; “Intelligence Division of the National Defence Force” means the Intelligence Division of the National Defence Force referred to in section 33 of the Defence Act, 2002 (Act No. 42 of 2002); "intelligence service" means the State Security Agency referred to in section 3 of the Intelligence Services Act, 2002 (Act No. 65 of 2002); "investigating authority" means an authority that in terms of national legislation may investigate unlawful activities; “investigative division in a national department” means an investigative component in a national department listed in Schedule 1 to the Public Service Act, 1994 (Act No. 103 of 1994), having a function by law to investigate unlawful activity within that national department or in another organ of state; ‘‘investigative division of the Auditor-General” means the investigative component of the Auditor-General having the function by law to investigate material irregularities in accordance with the Public Audit Act, 2004 (Act No. 25 of 2004); “legal person” means any person, other than a natural person, that establishes a business relationship or enters into a single transaction, with an accountable institution, and includes a person incorporated as a company, close corporation, foreign company or any other form of corporate arrangement or association, but excludes a trust, partnership or sole proprietor; "Minister" means the Minister of Finance; "money laundering" or "money laundering activity" means an activity which has or is likely to have the effect of concealing or disguising the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds, and includes any activity which constitutes an offence in terms of section 64 of this Act or section 4, 5 or 6 of the Prevention Act;1 "National Commissioner" means the National Commissioner of the South African Police Service referred to in section 207 of the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996); "National Director of Public Prosecutions" means the National Director of Public Prosecutions referred to in section 179 of the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996); “National Prosecuting Authority” means the National Prosecuting Authority referred to in section Sections 4, 5 and 6 of the Prevention Act read as follows: "Money laundering 4. Any person who knows or ought reasonably to have known that property is or forms part of the proceeds of unlawful activities and - (a) enters into any agreement or engages in any arrangement or transaction with anyone in connection with that property, whether such agreement, arrangement or transaction is legally enforceable or not; or (b) performs any other act in connection with such property, whether it is performed independently or in concert with any other person, which has or is likely to have the effect - (i) of concealing or disguising the nature, source, location, disposition or movement of the said property or its ownership or any interest which anyone may have in respect thereof; or (ii) of enabling or assisting any person who has committed or commits an offence, whether in the Republic or elsewhere - (aa) to avoid prosecution; or (bb) to remove or diminish any property acquired directly, or indirectly, as a result of the commission of an offence, shall be guilty of an offence. 5. Assisting another to benefit from proceeds of unlawful activities Any person who knows or ought reasonably to have known that another person has obtained the proceeds of unlawful activities, and who enters into any agreement with anyone or engages in any arrangement or transaction whereby - (a) the retention or the control by or on behalf of the said other person of the proceeds of unlawful activities is facilitated; or (b) the said proceeds of unlawful activities are used to make funds available to the said other person or to acquire property on his or her behalf or to benefit him or her in any other way, shall be guilty of an offence. 6. Acquisition, possession or use of proceeds of unlawful activities Any person who - (a) acquires; (b) uses; or (c) has possession of, property and who knows or ought reasonably to have known that it is or forms part of the proceeds of unlawful activities of another person, shall be guilty of an offence.". 179 of the Constitution of the Republic of South Africa, 1996, and established in terms of section 2 of the National Prosecuting Authority Act, 1998 (Act No. 32 of 1998); “non-compliance” means any act or omission that constitutes a failure to comply with a provision of this Act or any order, determination or directive made in terms of this Act and which does not constitute an offence in terms of this Act, and ‘fails to comply’, ‘failure to comply’, ‘non-compliant’ and ‘not complying’ have a corresponding meaning; “offence relating to the financing of terrorist and related activities” means an offence under section 4 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Act No. 33 of 2004); "prescribed" means prescribed by the Minister by regulation in terms of section 77; "Prevention Act" means the Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998); "proceeds of unlawful activities" has the meaning attributed to that term in section 1 of the Prevention Act;2 "proliferation financing" or "proliferation financing activity" means an activity which has or is likely to have the effect of providing property, a financial or other service or economic support to a non-State actor, that may be used to finance the manufacture, acquisition, possessing, development, transport, transfer or use of nuclear, chemical or biological weapons and their means of delivery, and includes any activity which constitutes an offence in terms of section 49A; “prominent influential person” means a person referred to in Schedule 3C; "property" has the meaning attributed to that term in section 1 of the Prevention Act;3 “Public Protector” means the Public Protector referred to in Chapter 9 of the Constitution of the Republic of South Africa, 1996; "reporting institution" means a person referred to in Schedule 3; “Risk Management and Compliance Programme” means the programme contemplated in section 42(1); "single transaction" means a transaction– (a) other than a transaction concluded in the course of a business relationship; and (b) where the value of the transaction is not less than the amount prescribed, except in the case of section 20A; "South African Revenue Service" means the South African Revenue Service established by section 2 of the South African Revenue Service Act, 1997 (Act No. 34 of 1997); “Special Investigating Unit” means the Special Investigating Unit established under section 2 of the Special Investigating Units and Special Tribunals Act, 1996 (Act No. 74 of 1996); "supervisory body" means a functionary or institution referred to in Schedule 2; “terrorist and related activities” has the meaning assigned to it in section 1 of the Protection of Constitutional Democracy Against Terrorist and Related Activities Act. 2004 (Act No. 33 of 2004); "this Act" includes any regulation made or exemption given under this Act; “trust” means a trust defined in section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988), other than a trust established– (a) by virtue of a testamentary disposition; (b) by virtue of a court order; In terms of section 1 of the Prevention Act, this term means "any property or any service, advantage, benefit or reward which was derived, received or retained, directly or indirectly, in the Republic or elsewhere, at any time before or after the commencement of this Act, in connection with or as a result of any unlawful activity carried on by any person, and includes any property representing property so derived". In terms of section 1 of the Prevention Act, this term means "money or any other movable, immovable, corporeal or incorporeal thing, and includes any rights, privileges, claims and securities and any interest therein and all proceeds thereof". (c) in respect of persons under curatorship; or (d) by the trustees of a retirement fund in respect of benefits payable to the beneficiaries of that retirement fund, and includes a similar arrangement established outside the Republic; "unlawful activity" has the meaning attributed to that term in section 1 of the Prevention Act.4 (2) For the purposes of this Act a person has knowledge of a fact if– (a) the person has actual knowledge of that fact; or (b) the court is satisfied that– (i) the person believes that there is a reasonable possibility of the existence of that fact; and (ii) the person fails to obtain information to confirm or refute the existence of that fact. (3) For the purposes of this Act a person ought reasonably to have known or suspected a fact if the conclusions that he or she ought to have reached, are those which would have been reached by a reasonably diligent and vigilant person having both– (a) the general knowledge, skill, training and experience that may reasonably be expected of a person in his or her position; and (b) the general knowledge, skill, training and experience that he or she in fact has.
Supporting source
Anonymous clients and clients acting under false or fictitious names
FICA 38 of 2001 · Section 20A
Plain English
An accountable institution may not establish a business relationship or conclude a single transaction with an anonymous client or a client with an apparent false or fictitious name. The prescribed R5,000 minimum for the defined term "single transaction" does not limit this prohibition, because the definition expressly excepts section 20A.
Obligation
Do not establish a business relationship or conclude any single transaction, regardless of value, with an anonymous client or a client with an apparent false or fictitious name.
Prohibited action Verify
An accountable institution may not establish a business relationship or conclude a single transaction with an anonymous client or a client with an apparent false or fictitious name.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
20A. Anonymous clients and clients acting under false or fictitious names An accountable institution may not establish a business relationship or conclude a single transaction with an anonymous client or a client with an apparent false or fictitious name.
Supporting source
Identification of clients and other persons
FICA 38 of 2001 · Section 21
Plain English
When entering into a single transaction or establishing a business relationship, an accountable institution must, under its Risk Management and Compliance Programme, establish and verify the identity of the client; if the client acts for another person, that person’s identity and the client’s authority; and if another person acts for the client, that person’s identity and authority. For a business relationship that existed before the Act took effect, it may not conclude a transaction until it has taken the prescribed steps to identify and verify those persons and to trace all accounts involved in that relationship.
Obligation
Identify and verify the client (and any person acting for, or on behalf of, the client) before or during onboarding, in line with the institution's Risk Management and Compliance Programme.
Verify Collect information
Data items: client identity, authority to act on behalf of another person
the institution must, in the course of concluding that single transaction or establishing that business relationship and in accordance with its Risk Management and Compliance Programme– (a) establish and verify the identity of the client;
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21. Identification of clients and other persons (1) When an accountable institution engages with a prospective client to enter into a single transaction or to establish a business relationship, the institution must, in the course of concluding that single transaction or establishing that business relationship and in accordance with its Risk Management and Compliance Programme– (a) establish and verify the identity of the client; (b) if the client is acting on behalf of another person, establish and verify– (i) the identity of that other person; and (ii) the client’s authority to establish the business relationship or to conclude the single transaction on behalf of that other person; and (c) if another person is acting on behalf of the client, establish and verify– (i) the identity of that other person; and (ii) that other person’s authority to act on behalf of the client. (2) If an accountable institution had established a business relationship with a client before this Act took effect, the accountable institution may not conclude a transaction in the course of that business relationship, unless the accountable institution has taken the prescribed steps– (a) to establish and verify the identity of the client; (b) if another person acted on behalf of the client in establishing the business relationship, to establish and verify– (i) the identity of that other person; and (ii) that other person's authority to act on behalf of the client; (c) if the client acted on behalf of another person in establishing the business relationship, to establish and verify– (i) the identity of that other person; and (ii) the client's authority to act on behalf of that other person; and (d) to trace all accounts at that accountable institution that are involved in transactions concluded in the course of that business relationship.
Supporting source
Understanding and obtaining information on business relationship
FICA 38 of 2001 · Section 21A
Plain English
When establishing a business relationship, an accountable institution must also obtain information about the nature and intended purpose of the relationship and the source of the funds the client expects to use, so it can later judge whether transactions are consistent with what it knows about the client.
Obligation
Obtain information on the nature, purpose and funding source of a new business relationship, in addition to identifying the client under section 21.
Collect information Assess
Data items: nature of business relationship, intended purpose, source of funds
the institution must, in addition to the steps required under section 21 and in accordance with its Risk Management and Compliance Programme, obtain information to reasonably enable the accountable institution to determine whether future transactions that will be performed in the course of the business relationship concerned are consistent with the institution’s knowledge of that prospective client
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21A. Understanding and obtaining information on business relationship When an accountable institution engages with a prospective client to establish a business relationship as contemplated in section 21, the institution must, in addition to the steps required under section 21 and in accordance with its Risk Management and Compliance Programme, obtain information to reasonably enable the accountable institution to determine whether future transactions that will be performed in the course of the business relationship concerned are consistent with the institution’s knowledge of that prospective client, including information describing– (a) the nature of the business relationship concerned; (b) the intended purpose of the business relationship concerned; and (c) the source of the funds which that prospective client expects to use in concluding transactions in the course of the business relationship concerned.
Supporting source
Additional due diligence measures relating to legal persons, trusts and partnerships
FICA 38 of 2001 · Section 21B
Plain English
If the client is a legal person, or a natural person acting on behalf of a partnership, trust or similar arrangement between natural persons, establish the applicable business and ownership/control structure under the RMCP. For a legal person, first identify each natural person who, independently or together with another person, has a controlling ownership interest. If there is doubt that such a person is the beneficial owner, or no natural person has that interest, identify each natural person exercising control through other means. If nobody is identified through that other-means branch, identify each natural person exercising control over management, including the relevant directors and managers. Take reasonable steps to verify the beneficial owner. Apply the separate partnership and trust rules where those branches apply. This does not require a personally acting individual retail client to supply corporate ownership documents and sets no universal ownership-percentage threshold.
Obligation
For a legal-person client or an individual acting for a partnership, trust or similar arrangement, establish the applicable business and ownership/control structure and identify the relevant beneficial owners or other persons under the Act’s branch-specific, sequential tests.
Verify Collect information
Data items: nature of business, ownership and control structure where applicable, beneficial-owner identity and reasonable verification steps for a legal person, identity of relevant partnership partners and persons exercising executive control, trust founder, trustee and beneficiary or beneficiary-determination particulars where applicable
an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme, establish–
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21B. Additional due diligence measures relating to legal persons, trusts and partnerships (1) If a client contemplated in section 21 is a legal person or a natural person acting on behalf of a partnership, trust or similar arrangement between natural persons, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme, establish– (a) the nature of the client’s business; and (b) the ownership and control structure of the client. (2) If a client contemplated in section 21 is a legal person, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme– (a) establish the identity of the beneficial owner of the client by– (i) determining the identity of each natural person who, independently or together with another person, has a controlling ownership interest in the legal person; (ii) if in doubt whether a natural person contemplated in subparagraph (i) is the beneficial owner of the legal person or no natural person has a controlling ownership interest in the legal person, determining the identity of each natural person who exercises control of that legal person through other means, including through his or her ownership or control of other legal persons, partnerships or trusts; or (iii) if a natural person is not identified as contemplated in subparagraph (ii), determining the identity of each natural person who exercises control over the management of the legal person, including in his or her capacity as executive officer, non-executive director, independent non-executive director, director or manager; and (b) take reasonable steps to verify the identity of the beneficial owner of the client, so that the accountable institution is satisfied that it knows who the beneficial owner is. (3) If a person, in entering into a single transaction or establishing a business relationship as contemplated in section 21, is acting on behalf of a partnership , an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme– (a) establish the identifying name of the partnership, if applicable; (b) establish the identity of– (i) every partner, including every member of a partnership en commandite, an anonymous partnership or any similar partnership; (ii) if a partner in the partnership is a legal person or a natural person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; (iii) the natural person who exercises executive control over the partnership; and (iv) each natural person who purports to be authorised to enter into a single transaction or establish a business relationship with the accountable institution on behalf of the partnership; and (c) take reasonable steps to verify– (i) the particulars obtained in paragraph (a); and (ii) the identities of the natural persons referred to in paragraph (b) so that the accountable institution is satisfied that it knows the identities of the natural persons concerned. (4) If a person, in entering into a single transaction or establishing a business relationship as contemplated in section 21, is acting in pursuance of the provisions of a trust agreement, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme– (a) establish the identifying name and number of the trust, if applicable; (b) establish the address of the Master of the High Court where the trust is registered, if applicable; (c) in respect of the founders of the trust, establish the identity of– (i) each founder; and (ii) if a founder of the trust is a legal person or a person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; (d) in respect of the trustees of the trust, establish the identity of– (i) each trustee; (iA) if a trustee is a legal person or a person acting on behalf of a partnership, the beneficial owner of that legal person or partnership; and (ii) each natural person who purports to be authorised to enter into a single transaction or establish a business relationship with the accountable institution on behalf of the trust, whether such a person is appointed as a trustee of the trust or not; (e) in respect of the beneficiaries of the trust, establish– (i) the identity of each beneficiary referred to by name in the trust instrument or other founding instrument in terms of which the trust is created; (iA) if a beneficiary referred to by name in the trust instrument is a legal person or a person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; and (ii) if beneficiaries are not referred to by name in the trust instrument or other founding instrument in terms of which the trust is created, the particulars of how the beneficiaries of the trust are determined; (f) take reasonable steps to verify the particulars obtained in paragraphs (a),(b) and (e)(ii); and (g) take reasonable steps to verify the identities of the natural persons referred to in paragraphs (c), (d), (e)(i) and (iA) so that the accountable institution is satisfied that it knows the identities of the natural persons concerned. (5) This section applies in respect of a legal person, partnership or trust or a similar arrangement between natural persons, whether it is incorporated or originated in the Republic or elsewhere.
Supporting source
Ongoing due diligence
FICA 38 of 2001 · Section 21C
Plain English
Throughout a business relationship, an accountable institution must monitor transactions (including the source of funds and any complex, large or unusual-pattern transaction with no apparent lawful purpose) to check they are consistent with what it knows about the client, and keep the client's identification information up to date; if continuing this process would tip the client off to a section 29 report, the institution may stop the due diligence and consider reporting instead.
Obligation
Monitor transactions and keep client identification information up to date throughout a business relationship.
Assess
Data items: transaction monitoring records, updated client information
An accountable institution must, in accordance with its Risk Management and Compliance Programme, conduct ongoing due diligence in respect of a business relationship
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21C. Ongoing due diligence (1) An accountable institution must, in accordance with its Risk Management and Compliance Programme, conduct ongoing due diligence in respect of a business relationship, which includes– (a) monitoring of transactions undertaken throughout the course of the relationship, including, where necessary– (i) the source of funds, to ensure that the transactions are consistent with the accountable institution’s knowledge of the client and the client’s business and risk profile; and (ii) the background and purpose of all complex, unusual large transactions, and all unusual patterns of transactions, which have no apparent business or lawful purpose; and (b) keeping information obtained for the purpose of establishing and verifying the identities of clients pursuant to sections 21, 21A and 21B of this Act, up to date. (2) If an accountable institution suspects that a transaction or activity is suspicious or unusual as contemplated in section 29, and the institution reasonably believes that in performing the customer due diligence requirements in terms of this section will disclose to the client that a report will be made in terms of section 29, it may discontinue the customer due diligence process and consider making a report under section 29.
Supporting source
Doubts about veracity of previously obtained information and when reporting suspicious and unusual transactions
FICA 38 of 2001 · Section 21D
Plain English
After concluding a single transaction or establishing a business relationship, repeat the section 21/21B steps under the RMCP to the extent necessary to confirm previously obtained information if its veracity or adequacy is in doubt, or if a section 29 suspicious or unusual transaction report is made. Section 21C(2) separately permits the institution to discontinue the ongoing CDD process under that section and consider reporting where it suspects the specified suspicious or unusual transaction or activity and reasonably believes that performing that CDD would disclose that a section 29 report will be made. This is not an automatic exemption from re-verification whenever a tipping-off concern is raised.
Obligation
After concluding a single transaction or establishing a business relationship, repeat the relevant section 21/21B steps under the RMCP to the necessary extent if veracity or adequacy is doubtful or a section 29 suspicious or unusual transaction report is made. The separate section 21C(2) discretion requires its specified suspicion and reasonable belief that ongoing CDD would disclose the intended report; it is not a blanket re-verification exemption.
Verify
Data items: previously obtained information required to be verified under sections 21 and 21B, including information whose adequacy or veracity is in doubt
the institution must repeat the steps contemplated in sections 21 and 21B
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21D. Doubts about veracity of previously obtained information and when reporting suspicious and unusual transactions When an accountable institution, subsequent to entering into a single transaction or establishing a business relationship (a) doubts the veracity or adequacy of previously obtained information which the institution is required to verify as contemplated in sections 21 and 21B; or (b) makes a suspicious or unusual transaction report in terms of section 29, the institution must repeat the steps contemplated in sections 21 and 21B in accordance with its Risk Management and Compliance Programme and to the extent that is necessary to confirm the information previously obtained.
Supporting source
Inability to conduct customer due diligence
FICA 38 of 2001 · Section 21E
Plain English
If an accountable institution cannot identify/verify a client, obtain the section 21A business-relationship information, or carry out ongoing due diligence, it must not start or continue the relationship or transaction (or must end an existing relationship, under its Risk Management and Compliance Programme), and must consider making a section 29 report.
Obligation
Do not establish a business relationship, conclude a single transaction or transact within a relationship, and terminate an existing relationship, when identification, section 21A information or ongoing due diligence cannot be completed; consider a section 29 report.
Prohibited action Assess
may not establish a business relationship or conclude a single transaction with a client;
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Offboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21E. Inability to conduct customer due diligence If an accountable institution is unable to– (a) establish and verify the identity of a client or other relevant person in accordance with section 21 or 21B; (b) obtain the information contemplated in section 21A; or (c) conduct ongoing due diligence as contemplated in section 21C, the institution– (i) may not establish a business relationship or conclude a single transaction with a client; (ii) may not conclude a transaction in the course of a business relationship, or perform any act to give effect to a single transaction; or (iii) must terminate, in accordance with its Risk Management and Compliance Programme, an existing business relationship with a client, as the case may be, and consider making a report under section 29 of this Act.
Supporting source
Foreign politically exposed person
FICA 38 of 2001 · Section 21F
Plain English
If a prospective client or their beneficial owner is a foreign politically exposed person, the institution must get senior management sign-off before taking them on, find out the source of their wealth and funds, and watch the relationship more closely on an ongoing basis.
Obligation
Apply enhanced due diligence (senior management approval, source of wealth/funds, enhanced monitoring) to a foreign PEP client or beneficial owner.
Assess Collect information
Data items: source of wealth, source of funds
the institution must– (a) obtain senior management approval for establishing the business relationship;
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21F. Foreign politically exposed person If an accountable institution determines in accordance with its Risk Management and Compliance Programme that a prospective client with whom it engages to establish a business relationship, or the beneficial owner of that prospective client, is a foreign politically exposed person, the institution must– (a) obtain senior management approval for establishing the business relationship; (b) take reasonable measures to establish the source of wealth and source of funds of the client; and (c) conduct enhanced ongoing monitoring of the business relationship.
Supporting source
Domestic politically exposed person and prominent influential person
FICA 38 of 2001 · Section 21G
Plain English
If a prospective client or their beneficial owner is a South African (domestic) politically exposed person or a prominent influential person, and the institution assesses the relationship as higher-risk, it must get senior management sign-off, establish the source of wealth and funds, and apply enhanced ongoing monitoring, in the same way as for a foreign PEP.
Obligation
Apply enhanced due diligence to a higher-risk domestic PEP or prominent influential person client or beneficial owner.
Assess Collect information
Data items: source of wealth, source of funds
the institution must– (a) obtain senior management approval for establishing the business relationship;
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21G. Domestic politically exposed person and prominent influential person If an accountable institution determines that a prospective client with whom it engages to establish a business relationship, or the beneficial owner of that prospective client, is a domestic politically exposed person or a prominent influential person and that, in accordance with its Risk Management and Compliance Programme, the prospective business relationship entails higher risk, the institution must– (a) obtain senior management approval for establishing the business relationship; (b) take reasonable measures to establish the source of wealth and source of funds of the client; and (c) conduct enhanced ongoing monitoring of the business relationship.
Supporting source
Family members and known close associates
FICA 38 of 2001 · Section 21H
Plain English
Sections 21F and 21G also apply to a foreign or domestic PEP, or a PIP, through their immediate family members and known close associates. Immediate family includes a current or previous spouse, civil partner or life partner; children and stepchildren and their spouse, civil partner or life partner; parents; and siblings and stepsiblings and their spouse, civil partner or life partner. Apply section 21F to a foreign PEP case; apply section 21G’s higher-risk relationship condition to a domestic PEP or PIP case. Family or associate status alone does not remove that distinction.
Obligation
Apply the corresponding section 21F or 21G enhanced-due-diligence rule to a PEP’s or PIP’s defined immediate family members and known close associates, retaining the foreign-PEP versus domestic-PEP/PIP higher-risk distinction.
Assess
Data items: nature of family or known-close-associate connection, where relevant to identifying the applicable section 21F or 21G rule
Sections 21F and 21G apply to immediate family members and known close associates of a foreign or domestic politically exposed person or a prominent influential person
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
21H. Family members and known close associates (1) Sections 21F and 21G apply to immediate family members and known close associates of a foreign or domestic politically exposed person or a prominent influential person, as the case may be. (2) For the purposes of subsection (1), an immediate family member includes– (a) the spouse, civil partner or life partner; (b) the previous spouse, civil partner or life partner, if applicable; (c) children and step children and their spouse, civil partner or life partner; (d) parents; and (e) sibling and step sibling and their spouse, civil partner or life partner.
Supporting source
Obligation to keep customer due diligence records
FICA 38 of 2001 · Section 22
Plain English
When sections 21 to 21H require information about a client or prospective client, the institution must keep a record of that information. The identity-verification record must include either copies of or references to the relevant information provided to or obtained by the institution; this is not a mandatory upload list. For a business relationship, also record its nature, intended purpose and expected source of funds.
Obligation
Keep the required customer due-diligence information under sections 21-21H, including copies of or references to identity-verification information and the specified business-relationship information.
Retain records
Data items: all customer due-diligence information obtained under sections 21-21H, copies of or references to information provided to or obtained by the institution to verify identity, business-relationship nature, intended purpose, expected source of funds
the institution must keep a record of that information.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
22. Obligation to keep customer due diligence records (1) When an accountable institution is required to obtain information pertaining to a client or prospective client pursuant to sections 21 to 21H the institution must keep a record of that information. (2) Without limiting subsection (1), the records must– (a) include copies of, or references to, information provided to or obtained by the accountable institution to verify a person’s identity; and (b) in the case of a business relationship, reflect the information obtained by the accountable institution under section 21A concerning– (i) the nature of the business relationship; (ii) the intended purpose of the business relationship; and (iii) the source of the funds which the prospective client is expected to use in concluding transactions in the course of the business relationship.
Supporting source
Obligation to keep transaction records
FICA 38 of 2001 · Section 22A
Plain English
Keep every single-transaction and business-relationship transaction record sufficiently detailed for ready reconstruction. Include amount and currency, date, parties, transaction nature and business correspondence. Where the institution provides account facilities, include identifying particulars of every related account and the related account files.
Obligation
Keep records reasonably necessary to reconstruct each transaction, including the related account particulars and account files where account facilities are provided.
Retain records
Data items: amount and currency, date concluded, parties, nature of transaction, business correspondence, identifying particulars of all related accounts and related account files where account facilities are provided
An accountable institution must keep a record of every transaction, whether the transaction is a single transaction or concluded in the course of a business relationship
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
22A. Obligation to keep transaction records (1) An accountable institution must keep a record of every transaction, whether the transaction is a single transaction or concluded in the course of a business relationship which that accountable institution has with the client, that are reasonably necessary to enable that transaction to be readily reconstructed. (2) Without limiting subsection (1), records must reflect the following information: (a) The amount involved and the currency in which it was denominated; (b) the date on which the transaction was concluded; (c) the parties to the transaction; (d) the nature of the transaction; (e) business correspondence; and (f) if an accountable institution provides account facilities to its clients, the identifying particulars of all accounts and the account files at the accountable institution that are related to the transaction.
Supporting source
Period for which records must be kept
FICA 38 of 2001 · Section 23
Plain English
Keep business-relationship establishment records for at least five years after the relationship is terminated; records of a concluded transaction for at least five years after that transaction is concluded; and records relating to a transaction or activity that gave rise to a section 29 report for at least five years after the report is submitted to the Centre. These are separate clocks: the relationship clock does not run from onboarding, and the report-related clock is limited to the underlying reported transaction or activity.
Obligation
Apply the separate minimum five-year retention periods: relationship-establishment records from termination; concluded-transaction records from conclusion; and records of the transaction or activity underlying a section 29 report from submission of that report to the Centre.
Retain records
Data items: business-relationship establishment records, records of each concluded transaction, records of the transaction or activity that gave rise to a section 29 report
An accountable institution must keep the records which relate to–
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Offboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
23. Period for which records must be kept An accountable institution must keep the records which relate to– (a) the establishment of a business relationship referred to in section 22, for at least five years from the date on which the business relationship is terminated; (b) a transaction referred to in section 22A which is concluded, for at least five years from the date on which that transaction is concluded; and (c) a transaction or activity which gave rise to a report contemplated in section 29, for at least five years from the date on which the report was submitted to the Centre.
Supporting source
Records may be kept in electronic form and by third parties
FICA 38 of 2001 · Section 24
Plain English
A third party may perform the section 22/22A recordkeeping duties, but the institution must have free and easy access and the records must be readily available to the Centre and relevant supervisory body. The institution remains liable for the third party’s failure, must forthwith provide the prescribed third-party particulars, and may keep records electronically only if they can be reproduced legibly. Regulation 20 supplies additional notification particulars.
Obligation
Keep outsourced section 22/22A records freely and easily accessible to the institution and readily available to the Centre/supervisor; remain liable, promptly notify the prescribed particulars, and ensure electronic records are legibly reproducible.
Retain records Report
Data items: prescribed third-party particulars, including the regulation 20 record-access controller, liaison contact and record-location/control details
the accountable institution must forthwith provide the Centre and the supervisory body concerned with the prescribed particulars regarding the third party.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
24. Records may be kept in electronic form and by third parties (1) The duties imposed by sections 22 and 22A on an accountable institution to keep a record of the matters specified in those sections may be performed by a third party on behalf of the accountable institution as long as the accountable institution has free and easy access to the records and the records are readily available to the Centre and the relevant supervisory body for the purposes of performing its functions in terms of this Act. (2) If a third party referred to in subsection (1) fails to properly comply with the requirements of sections 22 and 22A on behalf of the accountable institution concerned, the accountable institution is liable for that failure. (3) If an accountable institution appoints a third party to perform the duties imposed on it by sections 22 and 22A, the accountable institution must forthwith provide the Centre and the supervisory body concerned with the prescribed particulars regarding the third party. (4) Records kept in terms of sections 22 and 22A may be kept in electronic form and must be capable of being reproduced in a legible format.
Supporting source
Prohibitions relating to persons and entities identified by Security Council of the United Nations
FICA 38 of 2001 · Section 26B
Plain English
No person may directly or indirectly acquire, collect, use, possess or own relevant property; make property, a financial or other service, or economic support available; facilitate those activities; deal or transact with related property; or arrange to enable retention/control, conversion, concealment, removal or transfer to a nominee. The prohibition covers use for the benefit of, on behalf of, at the direction of or under the control of a UN Security Council-identified person/entity, including a person/entity acting on its behalf or at its direction. The statutory intention or knowledge/ought-reasonably-to-have-known-or-suspected tests apply as specified in subsections (1)-(3). Do not wait for a local notice before recognising section 26A’s immediate-effect rule; resolve a potential name match separately from identity, designation, affected property and authority to deal.
Obligation
No person may carry out the specified property, service, support, dealing, transaction or facilitation conduct when the applicable intention or knowledge/constructive knowledge/suspicion test links it directly or indirectly to a UN-identified person/entity or its agent.
Prohibited action
No person may, directly or indirectly, in whole or in part, and by any means or method– (a) acquire, collect, use, possess or own property;
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Offboarding
- Conditions
- Binds every person, not only accountable institutions. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants), whose accounts and services are the main channel the prohibition targets.
- Exceptions
- Section 26C is an authority-dependent permission route, not a self-executing exception: dealing requires actual written permission from the Minister, or from the Director exercising a validly delegated power, within the applicable authority, relevant UN Security Council resolution and permission conditions. A delegation alone does not permit dealing. Basic expenses and specified pre-existing obligations are grounds for granting permission, not independent bank discretion.
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Source wording and supporting evidence
Original text
26B. Prohibitions relating to persons and entities identified by Security Council of the United Nations (1) No person may, directly or indirectly, in whole or in part, and by any means or method– (a) acquire, collect, use, possess or own property; (b) provide or make available, or invite a person to provide or make available property; (c) provide or make available, or invite a person to provide or make available any financial or other service; (d) provide or make available, or invite a person to provide or make available economic support; or (e) facilitate the acquisition, collection, use or provision of property, or the provision of any financial or other service, or the provision of economic support, intending that the property, financial or other service or economic support, as the case may be, be used, or while the person knows or ought reasonably to have known or suspected that the property, service or support concerned will be used, directly or indirectly, in whole or in part, for the benefit of, or on behalf of, or at the direction of, or under the control of a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1). (2) No person may, directly or indirectly, in whole or in part, and by any means or method deal with, enter into or facilitate any transaction or perform any other act in connection with property which such person knows or ought reasonably to have known or suspected to have been acquired, collected, used, possessed, owned or provided for the benefit of, or on behalf of, or at the direction of, or under the control of a person or an entity– (a) identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1) ; or (b) acting on behalf of or at the direction of a person or entity contemplated in paragraph (a). (3) No person who knows or ought reasonably to have known or suspected that property is property referred to in subsection (1), may enter into, or become concerned in, an arrangement which in any way has or is likely to have the effect of– (a) making it possible for a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1) to retain or control the property; (b) converting the property; (c) concealing or disguising the nature, source, location, disposition or movement of the property, the ownership thereof or any interest anyone may have therein; (d) removing the property from a jurisdiction; or (e) transferring the property to a nominee.
Supporting source
Permitted financial services and dealing with property
FICA 38 of 2001 · Section 26C
Plain English
The Minister may, on the Minister’s own initiative or on an affected person’s request, give written permission on appropriate conditions for specified financial services or dealing with section 26B property only in the stated circumstances and consistently with the relevant UN Security Council resolution. This can include basic expenses, qualifying pre-identification judgments/contracts, interest or earnings, and the specified third-party payment. These grounds do not themselves authorise a bank to deal. The Minister may delegate the power to the Director in writing subject to limits and conditions. Delegation alone is not permission for a bank’s dealing.
Obligation
Not recorded
Grounding quote
The Minister may, in writing and on the conditions as he or she considers appropriate
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original text
26C. Permitted financial services and dealing with property (1) The Minister may, in writing and on the conditions as he or she considers appropriate and in accordance with a resolution of the Security Council of the United Nations contemplated in section 26A(1), permit a person to conduct financial services or deal with property referred to in section 26B in the circumstances referred to in subsection (2). (2) The Minister may permit the provision of financial services or the dealing with property if it is necessary to– (a) provide for basic expenses, including, at least– (i) foodstuffs; (ii) rent or mortgage; (iii) medicines or medical treatment; (iv) taxes; (v) insurance premiums; (vi) public utility charges; (vii) maintenance orders; (viii) reasonable professional fees, and (ix) reimbursement of expenses associated with the provision of legal services; (b) satisfy a judgment or arbitral award that was made before the date on which the person or entity was identified by the Security Council of the United Nations; (c) make a payment to a third party which is due under a contract, agreement or other obligation made before the date on which the person or entity was identified by the Security Council of the United Nations; (d) accrue interest or other earnings due on accounts holding property affected by a prohibition under section 26B; (e) make a payment due to a person or entity affected by a prohibition under section 26B by virtue of a contract, agreement or other obligation made before the date on which the person or entity was identified by the Security Council of the United Nations: Provided that the payment is not directly or indirectly being received by that person or entity. (3) The Minister may permit the provision of financial services or the dealing with property under subsection (1) on his or her own initiative or at the request of a person affected by a prohibition under section 26B. (4) The Director must, by appropriate means of publication, give notice of the Minister’s permission of the provision of financial services or the dealing with property under subsection (1). (5) (a) The Minister may, in writing, delegate any power conferred in terms of this section, to the Director. (b) A delegation in terms of paragraph (a)– (i) is subject to any limitations or conditions that the Minister may impose; (ii) does not divest the Minister of the responsibility concerning the exercise of the delegated power or the performance of the assigned duty. (c) The Minister may vary or revoke any decision taken by the Director as a result of a delegation in terms of paragraph (a), subject to any rights that may have vested as a consequence of the decision.
Supporting source
Cash transactions above prescribed limit
FICA 38 of 2001 · Section 28
Plain English
Report each qualifying cash transaction to the Centre as soon as possible and no later than 3 days after the specified person becomes aware of a fact that the cash transaction exceeded the prescribed limit. Regulation 24 defines days for its reporting periods as all days except Saturdays, Sundays and public holidays. Internal review or approval does not replace the statutory awareness trigger or the prompt-filing duty.
Obligation
Promptly report qualifying cash transactions; the outer limit is 3 regulation 24 days from the specified person’s awareness of a fact that the prescribed cash limit was exceeded.
Report
Data items: transaction particulars, cash amount
An accountable institution and a reporting institution must, within the prescribed period, report to the Centre the prescribed particulars concerning a transaction concluded with a client
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Offboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag. The section also binds reporting institutions in Schedule 3, which currently lists none (both of its items are omitted).
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
28. Cash transactions above prescribed limit An accountable institution and a reporting institution must, within the prescribed period, report to the Centre the prescribed particulars concerning a transaction concluded with a client if in terms of the transaction an amount of cash in excess of the prescribed amount– (a) is paid by the accountable institution or reporting institution to the client, or to a person acting on behalf of the client, or to a person on whose behalf the client is acting; or (b) is received by the accountable institution or reporting institution from the client, or from a person acting on behalf of the client, or from a person on whose behalf the client is acting.
Supporting source
Property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council
FICA 38 of 2001 · Section 28A
Plain English
An accountable institution holding or controlling property in the specified terrorism-related or UN-designation categories must report the fact and prescribed particulars as soon as possible, with regulation 24 imposing an outer limit of 5 defined days after a specified natural person establishes that the institution has the property. A request for a later date must reach the Centre before that period expires, and late reporting requires Centre approval; neither internal approval nor a request alone extends the deadline. The Director may require interval reports and reports of changes. On a section 26A(3) notice, scrutinise client information to identify listed clients.
Obligation
Promptly report specified terrorist-related or UN-designated property and comply with any directed interval/change reports; the 5-day regulation 24 outer limit runs from the specified person establishing that the institution has the property.
Report Assess
Data items: property particulars, client screening results
must within the prescribed period report that fact and the prescribed particulars to the Centre.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Offboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
28A. Property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council (1) An accountable institution which has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of– (a) any entity which has committed, or attempted to commit, or facilitated the commission of a specified offence as defined in the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004; (b) . . . (c) a person or an entity identified pursuant to a resolution of the Security Council of the United Nations contemplated in section 26A(1), must within the prescribed period report that fact and the prescribed particulars to the Centre. (2) The Director may direct an accountable institution which has made a report under subsection (1) to report– (a) at such intervals as may be determined in the direction, that it is still in possession or control of the property in respect of which the report under subsection (1) had been made; and (b) any change in the circumstances concerning the accountable institution's possession or control of that property. (3) An accountable institution must upon– (a) . . . (b) notice being given by the Director under section 26A(3), scrutinise its information concerning clients with whom the accountable institution has business relationships in order to determine whether any such client is a person or entity mentioned in the proclamation by the President or the notice by the Director.
Supporting source
Suspicious and unusual transactions
FICA 38 of 2001 · Section 29
Plain English
A person carrying on, managing or working for any business must report to the Centre when the statutory knowledge or suspicion grounds arise, including receipt/expected receipt of unlawful proceeds or terrorist-financing property; specified suspicious/unusual, tax-evasion, terrorist-financing or section 26B-related transactions; or use of the business for money laundering or terrorist financing. This includes a transaction about which enquiries are made that would have had a listed consequence if concluded. Report the grounds and prescribed particulars as soon as possible and within the regulation 24 outer limit of 15 defined days after the relevant fact becomes known to the specified person. The Centre may approve later filing, but approval is not automatic. The duty is not limited to a completed transaction, an existing relationship, cash/IFT threshold, or PEP/sanctions match. Do not disclose the report or its contents except within the statutory permitted routes.
Obligation
Promptly submit the appropriate suspicious/unusual transaction or activity report, or terrorist-financing transaction or activity report, for a triggered statutory ground; include grounds and prescribed particulars, including enquiries about uncompleted transactions, and protect report confidentiality.
Report
Data items: grounds for knowledge or suspicion, transaction particulars
must, within the prescribed period after the knowledge was acquired or the suspicion arose, report to the Centre the grounds for the knowledge or suspicion and the prescribed particulars concerning the transaction or series of transactions.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Investigation, Offboarding
- Conditions
- Binds any person who carries on, is in charge of, manages or is employed by a business, not only accountable institutions. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants); the same duty binds every other business and its staff.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
29. Suspicious and unusual transactions (1) A person who carries on a business or is in charge of or manages a business or who is employed by a business and who knows or ought reasonably to have known or suspected that– (a) the business has received or is about to receive the proceeds of unlawful activities or property which is connected to an offence relating to the financing of terrorist and related activities; (b) a transaction or series of transactions to which the business is a party– (i) facilitated or is likely to facilitate the transfer of the proceeds of unlawful activities or property which is connected to an offence relating to the financing of terrorist and related activities; (ii) has no apparent business or lawful purpose; (iii) is conducted for the purpose of avoiding giving rise to a reporting duty under this Act; or (iv) may be relevant to the investigation of an evasion or attempted evasion of a duty to pay any tax, duty or levy imposed by legislation administered by the Commissioner for the South African Revenue Service; (v) relates to an offence relating to the financing of terrorist and related activities; or (vi) relates to the contravention of a prohibition under section 26B; or (c) the business has been used or is about to be used in any way for money laundering purposes or to facilitate the commission of an offence relating to the financing of terrorist and related activities, must, within the prescribed period after the knowledge was acquired or the suspicion arose, report to the Centre the grounds for the knowledge or suspicion and the prescribed particulars concerning the transaction or series of transactions. (2) A person who carries on a business or is in charge of or manages a business or who is employed by a business and who knows or suspects that a transaction or a series of transactions about which enquiries are made, may, if that transaction or those transactions had been concluded, have caused any of the consequences referred to in subsection (1)(a), (b) or (c), must, within the prescribed period after the knowledge was acquired or the suspicion arose, report to the Centre the grounds for the knowledge or suspicion and the prescribed particulars concerning the transaction or series of transactions. (3) No person who made or must make a report in terms of this section may, subject to subsection 45B(2A), disclose that fact or any information regarding the contents of any such report to any other person, including the person in respect of whom the report is or must be made, otherwise than– (a) within the scope of the powers and duties of that person in terms of any legislation; (b) for the purpose of carrying out the provisions of this Act; (c) for the purpose of legal proceedings, including any proceedings before a judge in chambers; or (d) in terms of an order of court. (4) No person who knows or suspects that a report has been or is to be made in terms of this section may disclose that knowledge or suspicion or any information regarding the contents or suspected contents of any such report to any other person, including the person in respect of whom the report is or is to be made, otherwise than– (a) within the scope of that person's powers and duties in terms of any legislation; (b) for the purpose of carrying out the provisions of this Act; (c) for the purpose of legal proceedings, including any proceedings before a judge in chambers; or (d) in terms of an order of court.
Supporting source
Electronic transfers of money to or from Republic
FICA 38 of 2001 · Section 31
Plain English
An accountable institution must report a qualifying cross-border electronic funds transfer as soon as possible and no later than 3 days under regulation 24 after the specified person becomes aware of a fact that the transfer exceeded the prescribed limit. Read the Act’s wording (within the prescribed period after transfer) with regulation 24(5)’s awareness trigger; regulation 24’s special day definition excludes Saturdays, Sundays and public holidays. Do not import that definition into the separate 90-day section 43B change-notification period.
Obligation
Promptly report qualifying international funds transfers; regulation 24(5) sets a 3-day outer limit from the specified person’s awareness of a fact that the prescribed limit was exceeded, read with section 31’s after-transfer wording.
Report
Data items: transfer particulars
it must, within the prescribed period after the money was transferred, report the transfer, together with the prescribed particulars concerning the transfer, to the Centre.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Offboarding
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
31. Electronic transfers of money to or from Republic If an accountable institution through electronic transfer sends money in excess of a prescribed amount out of the Republic or receives money in excess of a prescribed amount from outside the Republic on behalf, or on the instruction, of another person, it must, within the prescribed period after the money was transferred, report the transfer, together with the prescribed particulars concerning the transfer, to the Centre.
Supporting source
Reporting procedures and furnishing of additional information
FICA 38 of 2001 · Section 32
Plain English
A section 28, 29 or 31 report to the Centre (or section 30(1) report to the Minister's official) must follow the prescribed manner; if the Centre later asks for more information or documentation about a report, the institution that made it must supply whatever it has, in the prescribed manner and within the prescribed period.
Obligation
Make reports in the prescribed manner and furnish any additional information the Centre reasonably requests about a report already made.
Report
Data items: additional transactional information, supporting documentation
that institution or person must furnish the Centre in the prescribed manner and within the prescribed period with such additional information
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag. It also binds a reporting institution (Schedule 3 currently lists none) and any other person required to report under section 29.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
32. Reporting procedures and furnishing of additional information (1) A report in terms of section 28, 29 or 31 to the Centre and a report in terms of section 30(1) to a person authorised by the Minister must be made in the prescribed manner. (2) The Centre may request an accountable institution, a reporting institution or any other person that has made a report in terms of section 28, 29 or 31 to furnish the Centre with such additional information, including prescribed information relating to transactional activity and supporting documentation, concerning the report and the grounds for the report as the Centre may reasonably require for the performance by it of its functions. (3) When an institution or a person referred to in subsection (2) receives a request under that subsection, that institution or person must furnish the Centre in the prescribed manner and within the prescribed period with such additional information concerning the report and the grounds for the report as that institution or person may have available.
Supporting source
Risk Management and Compliance Programme
FICA 38 of 2001 · Section 42
Plain English
An accountable institution must develop, document, maintain and implement a programme for managing money laundering, terrorist financing and proliferation financing risk and compliance. The programme must let it identify, assess, monitor, mitigate and manage the risk of its products and services, and must set out how it identifies clients, applies section 20A, verifies identity, assesses consistency of transactions, applies additional measures for legal persons, trusts and partnerships, conducts ongoing due diligence, examines complex or unusual transactions and keeps written findings, re-confirms doubtful information, handles suspicious transactions, terminates relationships, identifies politically exposed and prominent influential persons, applies enhanced and simplified due diligence, keeps records, decides and makes reports, manages foreign branches and subsidiaries and runs group-wide programmes. It must state which paragraphs do not apply and why, be approved by the board or highest authority, be reviewed regularly, be available to employees involved in relevant transactions, and be given to the Centre or its supervisory body on request.
Obligation
Develop, document, board-approve, implement, review and make available a Risk Management and Compliance Programme covering the full range of the institution's AML/CTF/CPF duties.
Assess
Data items: Risk Management and Compliance Programme documentation
An accountable institution must develop, document, maintain and implement a programme for anti-money laundering, counter-terrorist financing and proliferation financing risk management and compliance.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- All stages
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
42. Risk Management and Compliance Programme (1) An accountable institution must develop, document, maintain and implement a programme for anti-money laundering, counter-terrorist financing and proliferation financing risk management and compliance. (2) A Risk Management and Compliance Programme must– (a) enable the accountable institution to– (i) identify; (ii) assess; (iii) monitor; (iv) mitigate; and (v) manage, the risk that the provision by the accountable institution of new and existing products or services may involve or facilitate money laundering activities, the financing of terrorist and related activities or proliferation financing activities; (b) provide for the manner in which the institution determines if a person is– (i) a prospective client in the process of establishing a business relationship or entering into a single transaction with the institution; or (ii) a client who has established a business relationship or entered into a single transaction; (c) provide for the manner in which the institution complies with section 20A; (d) provide for the manner in which and the processes by which the establishment and verification of the identity of persons whom the accountable institution must identify in terms of Part 1 of this Chapter is performed in the institution; (e) provide for the manner in which the institution determines whether future transactions that will be performed in the course of the business relationship are consistent with the institution’s knowledge of a prospective client; (f) provide for the manner in which and the processes by which the institution conducts additional due diligence measures in respect of legal persons, trust and partnerships; (g) provide for the manner in which and the processes by which ongoing due diligence and account monitoring in respect of business relationships is conducted by the institution; (h) provide for the manner in which the examining of– (i) complex or unusually large transactions; and (ii) unusual patterns of transactions which have no apparent business or lawful purpose, and keeping of written findings relating thereto, is done by the institution; (i) provide for the manner in which and the processes by which the institution will confirm information relating to a client when the institution has doubts about the veracity of previously obtained information and when reporting suspicious and unusual transactions in accordance with section 21D; (j) provide for the manner in which and the processes by which the institution will perform the customer due diligence requirements in accordance with sections 21, 21A, 21B and 21C when, during the course of a business relationship, the institution suspects that a transaction or activity is suspicious or unusual as contemplated in section 29; (k) provide for the manner in which the accountable institution will terminate an existing business relationship as contemplated in section 21E; (l) provide for the manner in which and the processes by which the accountable institution determines whether a prospective client or an existing client is a foreign or a domestic politically exposed person or a prominent influential person; (m) provide for the manner in which and the processes by which the accountable institution conducts enhanced due diligence for higher-risk single transactions and business relationships and when simplified customer due diligence might be permitted in the institution; (n) provide for the manner in which and place at which the records are kept in terms of Part 2 of this Chapter; (o) enable the institution to determine when a transaction or activity is reportable to the Centre under Part 3 of this Chapter; (p) provide for the processes for reporting information to the Centre under Part 3 of this Chapter; (q) provide for the manner in which– (i) the Risk Management and Compliance Programme is implemented in branches, subsidiaries or other operations of the institution in foreign countries so as to enable the institution to comply with its obligations under this Act; (ii) the institution will determine if the host country of a foreign branch, subsidiary or other operation permits the implementation of measures required under this Act; (iii) the institution will inform the Centre and supervisory body concerned if the host country contemplated in sub-paragraph (ii) does not permit the implementation of measures required under this Act; and (iv) taking into consideration the level of risk of the host country, the institution will apply appropriate additional measures to manage the risks if the host country does not permit the implementation of measures required under this Act; (qA) provide for the manner in which and the processes by which group-wide programmes of an accountable institution for all its branches and majority-owned subsidiaries situated in the Republic is implemented so as to enable the institution to– (i) comply with its obligations under this Act; (ii) exchange information with its branches or subsidiaries relating to the customer due diligence requirements in terms of this Act; (iii) exchange information with its branches or subsidiaries relating to the analysis of transactions or activities which the institution suspects to be suspicious or unusual as contemplated in section 29; and (iv) have adequate safeguards to protect the confidentiality of information exchanged in accordance with this paragraph and this Act. (r) provide for the processes for the institution to implement its Risk Management and Compliance Programme; and (s) provide for any prescribed matter. (2A) An accountable institution must indicate in its Risk Management and Compliance Programme if any paragraph of subsection (2) is not applicable to that accountable institution and the reason why it is not applicable. (2B) The board of directors, senior management or other person or group of persons exercising the highest level of authority in an accountable institution must approve the Risk Management and Compliance Programme of the institution. (2C) An accountable institution must review its Risk Management and Compliance Programme at regular intervals to ensure that the Programme remains relevant to the accountable institution’s operations and the achievement of the requirements contemplated in subsection (2). (3) An accountable institution must make documentation describing its Risk Management and Compliance Programme available to each of its employees involved in transactions to which this Act applies. (4) An accountable institution must, on request, make a copy of the documentation describing its Risk Management and Compliance Programme available to– (a) the Centre; or (b) a supervisory body which performs regulatory or supervisory functions in respect of that accountable institution.
Supporting source
Governance of anti-money laundering and counter terrorist financing compliance
FICA 38 of 2001 · Section 42A
Plain English
An accountable institution's board of directors (or senior management if it has no board) must ensure the institution and its staff comply with FICA and its Risk Management and Compliance Programme; a corporate accountable institution must also have a compliance function and give it a suitably senior, competent person, and a non-corporate institution (other than a sole practitioner) must appoint someone competent to assist its own senior person with the same job.
Obligation
Ensure board/senior-management oversight of FICA compliance, and (unless a sole practitioner) appoint a suitably senior and competent compliance function/person.
Appoint a role
must ensure compliance by the accountable institution and its employees with the provisions of this Act and its Risk Management and Compliance Programme.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- All stages
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag. The subsection (1) and (3) duties fall on the board, senior management or highest authority of the institution, in that capacity.
- Exceptions
- A sole-practitioner accountable institution need not appoint a separate compliance-assistance person under subsection (4).
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Source wording and supporting evidence
Original text
42A. Governance of anti-money laundering and counter terrorist financing compliance (1) The board of directors of an accountable institution which is a legal person with a board of directors, or the senior management of an accountable institution without a board of directors, must ensure compliance by the accountable institution and its employees with the provisions of this Act and its Risk Management and Compliance Programme. (2) An accountable institution which is a legal person must– (a) have a compliance function to assist the board of directors or the senior management, as the case may be, of the institution in discharging their obligations under subsection (1); and (b) assign a person with sufficient competence and seniority to ensure the effectiveness of the compliance function contemplated in paragraph (a). (3) The person or persons exercising the highest level of authority in an accountable institution which is not a legal person must ensure compliance by the employees of the institution with the provisions of this Act and its Risk Management and Compliance Programme, in so far as the functions of those employees relate to the obligations of the institution. (4) An accountable institution which is not a legal person, except for an accountable institution which is a sole practitioner, must appoint a person or persons with sufficient competence to assist the person or persons exercising the highest level of authority in the accountable institution in discharging their obligation under subsection (3).
Supporting source
Training relating to anti-money laundering and counter terrorist financing compliance
FICA 38 of 2001 · Section 43
Plain English
An accountable institution must provide ongoing training to employees so they can comply with the applicable requirements of the Act and the institution’s RMCP, including applicable money-laundering, terrorist-financing and proliferation-financing controls and sanctions obligations.
Obligation
Train employees on the applicable requirements of FICA and the institution’s RMCP, including applicable AML, terrorist-financing, proliferation-financing and sanctions controls.
Train staff
An accountable institution must provide ongoing training to its employees to enable them to comply with the provisions of this Act and the Risk Management and Compliance Programme which are applicable to them.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- All stages
- Conditions
- Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
43. Training relating to anti-money laundering and counter terrorist financing compliance An accountable institution must provide ongoing training to its employees to enable them to comply with the provisions of this Act and the Risk Management and Compliance Programme which are applicable to them.
Supporting source
Registration by accountable institution and reporting institution
FICA 38 of 2001 · Section 43B
Plain English
Every accountable institution in Schedule 1 and reporting institution in Schedule 3 must register with the Centre within the prescribed period and in the prescribed manner, with the particulars the Centre requires, and must notify the Centre in writing of any change to those particulars within 90 days. Regulation 27A sets the period at 90 days from a Schedule amendment adding the institution’s category or from opening a new business.
Obligation
Register with the Centre and keep the registered particulars up to date (notify changes within 90 days).
Report
Data items: registration particulars
must, within the prescribed period and in the prescribed manner, register with the Centre.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- This is an institutional registration and particulars-maintenance duty, not an individual retail customer onboarding requirement. Binds every accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). The same duty binds the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint), which this mapping does not tag. The section also binds reporting institutions in Schedule 3, which currently lists none (both of its items are omitted).
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
43B. Registration by accountable institution and reporting institution (1) Every accountable institution referred to in Schedule 1 and every reporting institution referred to in Schedule 3 must, within the prescribed period and in the prescribed manner, register with the Centre. (2) The registration of an accountable institution and a reporting institution contemplated in subsection (1) must be accompanied by such particulars as the Centre may require. (3) The Centre must keep and maintain a register of every accountable institution and reporting institution registered in terms of subsection (1). (4) A registered accountable institution or reporting institution must notify the Centre, in writing, of any changes to the particulars furnished in terms of this section within 90 days after such a change.
Supporting source
Definitions
MLR 2002 · Regulation 1
Plain English
This regulation defines terms used in the Regulations, including report types and their FICA sections. For regulation 24 only, “days” means every day except Saturdays, Sundays and public holidays. That defined count governs the regulation 24 report periods; it does not by itself define a different period such as FICA section 43B’s 90 days.
Obligation
Not recorded
Grounding quote
"international funds transfer report" means a report which must be submitted in terms of section 31 of the Act;
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original text
1. Definitions In these regulations “the Act” means the Financial Intelligence Centre Act, 2001 (Act No 38 of 2001), and, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Act has that meaning, and— "cash threshold report" means a report which must be submitted by accountable and reporting institutions in terms of section 28 of the Act; "close corporation"[definition of "close corporation" deleted by section 2(b) of Government Notice R1062 of 2017]; "days", for the purpose of regulation 24, means all days of the week excluding Saturdays, Sundays and public holidays; "foreign company" [definition of "foreign company" deleted by section 2(b) of Government Notice R1062 of 2017] "guidance" means guidance issued by the Centre in terms of regulation 28; "international funds transfer report" means a report which must be submitted in terms of section 31 of the Act; "identification document" [definition of "identification document" deleted by section 2(b) of Government Notice R1062 of 2017] "manager" [definition of "manager" deleted by section 2(b) of Government Notice R1062 of 2017] "property associated with terrorist and related activities" means property referred to in section 28A (1)(a) and (b) of the Act; "reporter" means— (a) an accountable institution or reporting institution making a cash threshold report under section 28 of the Act as contemplated in regulation 22C; (b) an accountable institution making a terrorist property report under section 28A of the Act as contemplated in regulation 22A; (c) a natural or legal person making a suspicious or unusual transaction report, suspicious or unusual activity report, terrorist financing transaction report or terrorist financing activity report, under section 29 of the Act as contemplated in regulations 23, 23A, 23B or 23C, or other entity on whose behalf such a report is made; and (d) an accountable institution making an international funds transfer report under section 31 of the Act as contemplated in regulation 23E; "South African company"[definition of "South African company" deleted by section 2(b) of Government Notice R1062 of 2017] "suspicious or unusual transaction or series of transactions" [definition of "suspicious or unusual transaction or series of transactions" inserted by section 2(c) of Government Notice R456 of 2005 and deleted by section 2(e) of Government Notice R1062 of 2017] "suspicious or unusual activity report" means a report which must be submitted— (a) in terms of section 29(1) of the Act in respect of the proceeds of unlawful activities or money laundering where the report relates to an activity which does not involve a transaction between two or more parties. or (b) in terms of section 29(2) of the Act in respect of a transaction or a series of transactions about which enquiries are made but which has not been concluded; "suspicious or unusual transaction report" means a report which must be submitted in terms of section 29(1) of the Act in respect of the proceeds of unlawful activities or mane laundering where the report relates to a transaction or series of transactions between two or more parties; "terrorist financing activity report" means a report which must be submitted (a) in terms of section 29(1) of the Act in respect of the financing of terrorism and related activities where the report relates to an activity which does not involve a transaction between two or more parties; or (b) in terms of section 29(2) of the Act in respect of a transaction or a series of transactions about which enquiries are made, but which has not been concluded; "terrorist financing transaction report" means a report which must be submitted in terms of section 29(1) of the Act in relation to the financing of terrorism and related activities where the report relates to a transaction or series of transactions between two or more parties; "terrorist property report" means a report which must be submitted in terms of section 28A of the Act; "the Amendment Act" means the Financial Intelligence Centre Amendment Act, 2008 (Act 11 of 2008); "trust"[ definition of "trust" deleted by section 2(b) of Government Notice R1062 of 2017]
Source notes
- definition of "cash threshold report" inserted by section 2(a) of Government Notice R1062 of 2017
- definition of "days" inserted by section 2(a) of Government Notice R456 of 2005
- definition of "guidance", previously "guidance notes" substituted by section 2(c) of Government Notice R1062 of 2017
- definition of "international funds transfer report" inserted by section 2(a) of Government Notice 2943 of 2023
- definition of "property associated with terrorist and related activities" inserted by section 2(b) of Government Notice R456 of 2005
- definition or "reporter" inserted by section 2(d) of Government Notice R1062 of 2017 and substituted by section 2(b) of Government Notice 2943 of 2023
- definition of "suspicious or unusual activity report" inserted by section 2(e) of Government Notice R1062 of 2017
- definition of "suspicious or unusual transaction report" inserted by section 2(e) of Government Notice R1062 of 2017
- definition of "terrorist financing activity report" inserted by section 2(e) of Government Notice R1062 of 2017
- definition of "terrorist financing transaction report" inserted by section 2(e) of Government Notice R1062 of 2017
- definition of "terrorist property report" inserted by section 2(e) of Government Notice R1062 of 2017
- definition of "the Amendment Act" inserted by section 2 of Government Notice 1107 of 2010
Supporting source
Particulars of third parties keeping records
MLR 2002 · Regulation 20
Plain English
When an accountable institution uses a third party to keep FICA records, it must notify the Centre and its supervisory body without delay of the third party’s identity and trading name; the person controlling access; both where the records are located and where the third party’s control over them is located; and the institution’s liaison person/contact particulars.
Obligation
Without delay, notify the Centre and supervisory body of the third-party record-keeper, trading name, access controller, both record-location and control-location addresses, and liaison person/contact particulars.
Report
Data items: third-party identity, trading name, name and contact particulars of person controlling access to records, address where records are located, address where third-party control of records is located, institution liaison person/contact particulars
that institution must without delay provide the Centre and the relevant supervisory body with—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds an accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants); the regulation applies equally to the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint).
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
20. Particulars of third parties keeping records If an accountable institution appoints a third party to keep on its behalf any records which that institution must retain in terms of the Act, that institution must without delay provide the Centre and the relevant supervisory body with— (a) the third party's— (i) full name, if the third party is a natural person; or (ii) registered name, if the third party is a close corporation or company; (b) the name under which the third party conducts business; (c) the full name and contact particulars of the individual who exercises control over access to those records; (d) the address where the records are kept; (e) the address from where the third party exercises control over the records; and (f) the full name and contact particulars of the individual who liaises with the third party on behalf of the accountable institution concerning the retention of the records.
Source notes
- regulation 20 amended by section 5 of Government Notice R1062 of 2017
Supporting source
Manner of reporting
MLR 2002 · Regulation 22
Plain English
A report under Part 3 of Chapter 3 of FICA must normally use the Centre’s specified format and electronic portal or other Centre-developed method. A person who lacks the technical capability to report electronically, or is for another reason indefinitely unable to do so, must use the Centre’s specified form and submit it through the Centre’s current contact particulars.
Obligation
Use the Centre’s specified electronic reporting route unless the person lacks technical capability or is indefinitely unable for another reason; in either case use the specified form and submission contact.
Report
a report made under Part 3 of Chapter 3 of the Act must be made in accordance with the format specified by the Centre, and sent to the Centre electronically
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Paper/form reporting is limited to lack of technical capability or indefinite inability for another reason; temporary inconvenience or internal approval delay is not stated as a fallback ground.
Assess applicability in workspace
Source wording and supporting evidence
Original text
22. Manner of reporting (1) Subject to subregulation (2), a report made under Part 3 of Chapter 3 of the Act must be made in accordance with the format specified by the Centre, and sent to the Centre electronically by means of— (a) the internet-based reporting portal provided by the Centre for this purpose at the following internet address: http://www.fic.gov.za; or (b) a method developed by the Centre for this purpose and made available to a person who is required to make such reports. (2) If a person who is required to make a report under Part 3 of Chapter 3 of the Act— (a) does not have the technical capability to make a report in accordance with subregulation (1); or (b) is for another reason indefinitely unable to make a report in accordance with subregulation (1), that person shall make the report on a form specified by the Centre from time to time for this purpose and provide it to the Centre at the contact particulars specified by the Centre from time to time for this purpose.
Source notes
- regulation 22 substituted by section 3 of Government Notice R456 of 2005 and by section 8 of Government Notice R1062 of 2017
Supporting source
Information to be reported concerning a terrorist property report
MLR 2002 · Regulation 22A
Plain English
A section 28A terrorist-property report must identify the reporter/contact, describe the property, identify the person controlling it on behalf of the reporting institution, list known persons/entities with an interest in it, give the grounds, indicate action taken and include the indicator. The additional director particulars concern at least one director of a company with an interest in the property (and that director’s role), not automatically a director of the reporting bank. Preserve the available-information qualifications and distinguish the property controller from an owner or beneficiary. The retained regulation cross-refers to section 28A(1)(a) and (b), although the Act text supplied here omits (b) and has operative limb (c); this source cross-reference discrepancy remains for legal/source reconciliation and does not justify excluding UN-designated property.
Obligation
Include the prescribed reporter, property/controller/interested-party particulars, grounds, action taken and indicator; attach director details to an interested company, not automatically to the reporting institution.
Report
Data items: reporter and contact particulars, property description, person controlling property on behalf of reporting institution, known interested-party particulars, including available particulars of a director and role of an interested company, grounds for report, action taken, indicator
When a reporter makes a terrorist property report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds an accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants); the regulation applies equally to the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint).
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
22A. Information to be reported concerning a terrorist property report (1) When a reporter makes a terrorist property report, the report must contain full particulars of— (a) the name of the accountable institution making the report; (b) the identifying particulars of the accountable institution on whose behalf the report is made including a registration or license number; (c) the contact address of the accountable institution on whose behalf the report is made; (d) the type of business or economic sector of the accountable institution on whose behalf the report is made; (e) the surname, first name and date of birth of a contact person; (f) the contact particulars of a contact person; and (g) if the contact person mentioned in paragraph (e) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the property concerning which a terrorist property report is made, the report must contain— (a) full particulars of— (i) the type of property concerned; and (ii) a description of the property; and (b) as much of the following information as is readily available— (i) any identifying particulars concerning the property; (ii) the estimated value of the property; (iii) the physical address where the property is located; and (iv) if the property was disposed of, the value of the disposition. (3) In respect of a person or entity exercising control over the property on behalf of the accountable institution making a terrorist property report, the report must contain full particulars of— (a) the name of the person or entity; (b) the identifying particulars of the person or entity including an identity number or a registration or licence number; (c) the contact address of the person or entity; (d) in the case of a natural person, the person's contact particulars; (e) in the case of a legal person or an entity, the surname, first name and contact particulars of a contact person; and (f) if the contact person mentioned in paragraph (d) or (e) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (4) In respect of every person who, according to the knowledge of the accountable institution making a terrorist property report, may have an interest in the property, the report must contain as much of the following information as is readily available— (a) in the case of a natural person— (i) the person's title, gender, names and surname; (ii) the person's identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iiiA) the person's alias, if any; (iv) the person's contact address in the Republic; (v) the person's country of residence; (vi) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (vii) the person's contact number; (viii) the person's occupation; (ix) the source of the funds with which the person acquired the interest in the property; (x) the person's income tax number; and (xi) the employer's name, contact address and contact particulars; and (b) in the case of a legal person or other entity, full particulars of— (i) the person's or entity's name; (ii) the person's or entity's identifying number, if it has such a number; (iii) the person's or entity's contact address in the Republic; (iv) the type of business conducted by the person or entity; (v) the person's or entity's country of origin; (vi) if the country of origin is other than the Republic, the person or entity's contact address in the country of origin; (vii) the source of the funds with which the person or entity acquired the interest in the property. (viii) In the case of a company, the information referred to in 4(a)(i) to (xi) respect of at least one director of that company and the role of such person in that company. (5) A terrorist property report must contain a description of the grounds on which the accountable institution making the report has reached the conclusion that the entity which owns or controls the property in question, or on whose behalf, or at whose direction, the property in question is owned or controlled, is an entity referred to in subsection (1)(a) or (b) of section 28A of the Act and the action taken by such accountable institution in respect thereof. (6) A terrorist property report must contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report.
Source notes
- regulation 22A inserted by section 4 of Government Notice R456 of 2005 and substituted by section 9 of Government Notice R1062 of 2017
Supporting source
Prescribed amount for cash transaction reporting
MLR 2002 · Regulation 22B
Plain English
The cash amount above which a transaction must be reported to the Centre under FICA section 28 is R49,999.99, so a cash payment or receipt of R50,000 or more is reportable.
Obligation
Not recorded
Grounding quote
The prescribed amount of cash above which a transaction must be reported to the Centre under section 28 of the Act is R49 999,99.
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original text
22B. Prescribed amount for cash transaction reporting The prescribed amount of cash above which a transaction must be reported to the Centre under section 28 of the Act is R49 999,99.
Source notes
- regulation 22B inserted by section 2 of Government Notice R867 of 2010 and substituted by section 2 of Government Notice 2638 of 2022
Supporting source
Information to be reported concerning a cash threshold report
MLR 2002 · Regulation 22C
Plain English
A cash threshold report under FICA section 28 must identify the reporting institution and a contact person, describe the transaction (location, date, value, how conducted, currency), give particulars of each party to the transaction (with extra detail for companies and their directors), give particulars of any account involved and its signatories, and include an indicator code for why the report was made.
Obligation
Include the prescribed particulars (institution, transaction, parties, accounts, indicator) in every cash threshold report.
Report
Data items: reporting institution particulars, transaction particulars, party particulars, account particulars, indicator
When a reporter makes a cash threshold report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
22C. Information to be reported concerning a cash threshold report (1) When a reporter makes a cash threshold report, the report must contain full particulars of— (a) the name of the accountable or reporting institution making the report# (b) the identifying particulars of the accountable or reporting institution on whose behalf the report is made including a registration or license number# (c) the contact address of the accountable or reporting institution on whose behalf the report is made# (d) the type of business or economic sector of the accountable or reporting institution on whose behalf the report is made# (e) in the case of a legal person or an entity making the report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; and (f) if the contact person mentioned in paragraph (e) is— (i) a South African citizen or resident, the identifying particulars of that person and the type of identifying document from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the transaction for which a cash threshold report is made, the report must contain— (a) full particulars of— (i) the location where the transaction took place; (ii) the date of the transaction; (iii) the value of the transaction in local currency; and (iv) a description of how the transaction was conducted; and (b) as much information as is readily available concerning the currency in which the funds were disposed of. (3) In respect of each natural person conducting the transaction or legal person or entity on whose behalf the transaction is conducted, for which a cash threshold report is made, the report must contain as much of the following information as is readily available— (a) in the case of a natural person— (i) the person’s title, gender, names and surname# (ii) the person’s identifying number, nationality and date of birth# (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person’s contact address in the Republic# (v) the person’s contact number# (vi) the person’s occupation# (vii) the person’s country of residence# (viii) if the person’s country of residence is other than the Republic, the person’s contact address in the country of residence; (ix) the person’s alias, if any# (x) the person’s source of funds# (xi) the person’s income tax number# and (xii) the person’s employer’s name, contact address and contact particulars; and (b) in the case of a legal person or other entity— (i) the person’s or entity’s name# (ii) the person’s or entity’s identifying number, if it has such a number; (iii) the information referred to in paragraph (a) in respect of the natural person with authority to conduct the transaction on behalf of the person or entity; and (iv) in the case of a company, the information referred to in paragraph (a) in respect of at least one director of that company; or (v) in the case of another type of legal person or other entity, the information referred to in paragraph (a) in respect of at least one natural person associated with that legal person or entity and the role of such person in the legal person or entity. (4) If any account held at the reporter was involved in the transaction for which a cash threshold report is made, the report must contain— (a) full particulars in respect of each such account, of— (i) the account number; (ii) the name and identifying particulars of the branch or office of the reporter where each account is held; (iii) the type of account; (iv) the currency in which this account is denominated; and (v) the date on which the account was opened; and (b) as much of the following information as is readily available in respect of each signatory on each such account— (i) the person’s title, gender, names and surname# (ii) the person’s identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person’s alias, if any# (v) the person’s contact address in the Republic# (vi) the person’s country of residence; (vii) if the person’s country of residence is other than the Republic, the person’s contact address in the country of residence; (viii) the person’s contact number# (ix) the person’s occupation# (x) the source of funds of the person; (xi) the person’s income tax number# and (xii) the person’s employer’s name, contact address and contact particulars. (5) A cash threshold report must contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report.
Source notes
- regulation 22C inserted by section 2 of Government Notice R867 of 2010 and substituted by section 10 of Government Notice R1062 of 2017 and by section 3 of Government Notice 2638 of 2022
Supporting source
Information to be reported concerning a suspicious or unusual transaction report
MLR 2002 · Regulation 23
Plain English
A suspicious or unusual transaction report must include the prescribed reporter, party and transaction particulars, a full description and why the transaction is suspicious or unusual, action taken, and the required indicator. Apply the regulation’s separate full-particulars and readily-available-information qualifications; this list is not a complete reporting schema or a universal customer-onboarding checklist.
Obligation
Include prescribed particulars, grounds explaining why the transaction is suspicious or unusual, action taken and the indicator in each section 29(1) transaction report, subject to the regulation’s field-specific qualifications.
Report
Data items: reporter particulars, party particulars under the applicable full-particulars/readily-available branches, transaction description, grounds for suspicion or unusualness, action taken, indicator
When a reporter makes a suspicious or unusual transaction report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
23. Information to be reported concerning a suspicious or unusual transaction report (1) When a reporter makes a suspicious or unusual transaction report, the report must contain full particulars of— (a) the name of the natural or legal person making the report or entity on whose behalf the report is made; (b) the identifying particulars of the person or entity on whose behalf the report is made including a registration or license number; (c) the contact address of the person or entity on whose behalf the report is made; (d) the type of business or economic sector of the entity on whose behalf the report is made; (e) in the case of a natural person, making the report, the person's surname, first name, date of birth and contact particulars; (f) in the case of a legal person or an entity making the report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; and (g) if the person mentioned in paragraph (e) or (f) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the transaction or series of transactions concerning which a suspicious or unusual transaction report is made, the report must contain— (a) full particulars of— (i) the location where— (aa) the transaction, or (bb) in the case of a series of transactions, each of the transactions in that series, took place; (ii) the date of the transaction, or, in the case of a series of transactions the period over which the transactions were conducted; (iii) a description of how the transaction or series of transactions were conducted; (iv) if the transaction or series of transactions involved property comprising money, the amount in local currency; and (v) if the transaction or series of transactions involved property other than money, a description of the type of property and all identifying characteristics of the property; and (b) as much of the following information as is readily available— (i) if the transaction or series of transactions involved property, the estimated value of the property; (ii) if the property involved in the transaction or series of transactions was disposed of— (aa) the manner in which it was disposed of; (bb) the amount of the disposition, in the case of property comprising money; (cc) the currency of the disposition in the case of property comprising money; (dd) the value for which the property was disposed of, in the case of property other than money; and (ee) the currency used in the disposition of the property, in the case of property other than money; (iii) if another institution or person was involved in the transaction or series of transactions— (aa) the name of the other institution or person; and (bb) the number of any account at the other institution involved in the transaction or series of transactions; (iv) the name and identifying particulars of the branch or office where the transaction or series of transactions was conducted; and (v) any remarks, comments, reasons or explanations which the person conducting the transaction or series of transactions may have made or given. (3) If any account held at the reporter was involved in the transaction or series of transactions concerning which a suspicious or unusual transaction report is made, the report must contain— (a) full particulars in respect of each such account, of— (i) the account number; (ii) the name and identifying particulars or branch or office where each account is held; (iii) the type of account; (iv) the currency in which this account is denominated; (v) the date on which the account was opened; (vi) the reference numbers allocated by the Centre and the reporter to any previous reports made in connection with the account; (vii) the balance in the account on the date on which the report is made; and (viii) the status of the account immediately before the reported transaction or series of transactions was carried out; and (b) as much of the following information as is readily available in respect of each such account— (i) if the account was closed the date on which the account was closed; (ii) the balance in the account immediately before the transaction or series of transactions was carried out; and (iii) in respect of each signatory on the account— (aa) the person's title, gender, names and surname; (bb) the person's identifying number, nationality and date of birth; (cc) the source of identifying information from which the particulars referred to in subparagraphs (aa) and (bb) were obtained; (dd) the person's alias, if any; (ee) the person's contact address in the Republic; (ff) the person's country of residence; (gg) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (hh) the person's contact number; (ii) the person's occupation; (kk) the source of funds of the person; (ll) the person's income tax number (mm) the person's employer's name, contact address and contact particulars; and (nn) the role of such signatory. (3A) In respect of each holder of each account referred to in subregulation (3), the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title, gender, nationality and alias, if any; (bb) the person's contact address in the Republic; (cc) the person's country of residence; (dd) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ee) the person's contact numbers; (ff) the person's occupation; (gg) the person's source of funds; (hh) the person's income tax number; and (ii) the person's employer's name, contact address and contact particulars; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person's or entity's contact address in the country of incorporation or origin; (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company; (ff) if the person or entity has been closed, the date when it was closed; and (gg) the tax number of the person or entity. (4) In respect of each client of the reporter, concerning whom a suspicious or unusual transaction report is made, the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; (ii) as much of the following information as is readily available— (aa) the person's alias, if any; (bb) the person's country of residence; (cc) if the person's country of residence is the Republic, the person's contact address in the Republic; (dd) if the person's country of residence is other than the Republic the person's contact address in the country of residence; (ee) the person's contact number; (ff) the person's occupation; (gg) the person's source of funds; (hh) the person's income tax number; and (ii) the person's employer's name, contact address and contact particulars; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the type of business conducted by the person or entity; (bb) the names of the natural person's with authority to conduct the transaction on behalf of the person or entity; (cc) the person's or entity's country of incorporation or origin and contact address; (dd) if the country of incorporation or origin is other than the Republic, the person or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company; (5) In respect of a natural person conducting a transaction or series of transactions concerning which a suspicious or unusual transaction report is made, on behalf of another natural person or a legal person or other entity, the report must contain as much of the following information as is readily available— (a) the person's title, gender, names and surname; (b) the person's identifying number, nationality and date of birth; (c) the source of identifying information from which the particulars referred to in subparagraphs (a) and (b) were obtained; (d) the person's contact address in the Republic; (e) the person's contact number; (f) the person's occupation; (g) the person's country of residence; (h) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (i) the person's alias, if any; (j) the person's source of funds; (k) the person's income tax number; and (l) the person's employer's name, contact address and contact particulars. (6) A suspicious or unusual transaction report must— (a) contain a full description of the suspicious or unusual transaction or series of transactions, including the reason why it is deemed to be suspicious or unusual as contemplated in section 29; (b) indicate what action the natural or legal person making the report, or other entity on whose behalf the report is made, has taken in connection with the transaction or series of transactions concerning which the report is made; and (c) contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report.
Source notes
- regulation 23 substituted by section 4 of Government Notice R456 of 2005 and by section 11 of Government Notice R1062 of 2017
Supporting source
Information to be reported concerning a suspicious or unusual activity report
MLR 2002 · Regulation 23A
Plain English
A suspicious or unusual activity report must include the prescribed reporter/contact, activity, account, client and representative particulars under the applicable full-particulars and readily-available-information branches; describe the activity and why it is suspicious or unusual; state action taken; provide the indicator; and give earlier related report reference numbers. These report-field qualifications are not universal onboarding data requirements.
Obligation
Include the prescribed activity-report particulars, grounds, action taken, indicator and applicable prior-report references, observing each full-particulars/readily-available qualification.
Report
Data items: reporter/contact particulars, applicable party/account particulars, activity description, grounds for suspicion or unusualness, action taken, indicator, reference numbers of earlier related reports
When a reporter makes a suspicious or unusual activity report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
23A Information to be reported concerning a suspicious or unusual activity report (1) When a reporter makes a suspicious or unusual activity report, the report must contain full particulars of— (a) the name of the natural or legal person making the report or entity on whose behalf the report is made; (b) the identifying particulars of the person or entity on whose behalf the report is made including a registration or license number; (c) the contact address of the person or entity on whose behalf the report is made; (d) the type of business or economic sector of the entity on whose behalf the report is made; (e) in the case of a natural person who is making the report, the person's surname, first name, date of birth and contact particulars; (f) in the case of a natural person or an entity making the report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; and (g) if the person mentioned in paragraph (e) or (f) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the activity concerning which a suspicious or unusual activity report is made, the report must contain as much of the following information as is readily available— (a) the location where the suspicious or unusual activity took place; (b) the date on which the suspicious or unusual activity took place; (c) a description of how the suspicious or unusual activity was conducted; (d) if the suspicious or unusual activity involved property comprising money, the amount in local currency; (e) if the suspicious or unusual activity involved property other than money, a description of the type of property, all identifying characteristics of the property and the estimated value of the property; (f) if the property involved in the suspicious or unusual activity were disposed of the manner in which it was disposed of— (i) the manner in which it was disposed of; (ii) the amount of the disposition, in the case of property comprising money; (iii) the currency of the disposition, in the case of property comprising money; (iv) the value for which the property was disposed of, in the case of property other than money; and (v) the currency used in the disposition, in the case of property other than money; (g) if another institution or person was involved in the suspicious or unusual activity— (i) the name of the other institution or person; and (ii) the number of any account at the other institution involved in the suspicious or unusual activity; (h) the name and identifying particulars of the branch or office where the suspicious or unusual activity was conducted; and (i) any remarks, comments, reasons or explanations which the person conducting the suspicious or unusual activity may have made or given. (3) If an account held at the reporter was involved in the suspicious or unusual activity concerning which a suspicious or unusual activity report is made, then the report must contain as much of the following information as is readily available in respect of each such account— (a) the account number; (b) the name and identifying particulars of the branch or office where each account is held; (c) the type of account; (d) the currency in which this account is denominated; (e) the date on which the account was opened; (f) the balance in the account on the date on which the report is made; (g) the status of the account immediately before the reported activity was carried out; (h) if the account was closed the date on which the account was closed; and (i) in respect of each signatory on the account— (i) the person's title, gender, names and surname; (ii) the person's identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person's alias if any; (v) the person's contact address in the Republic; (vi) the person's country of residence; (vii) if the person's country of residence is other than the Republic, the person's contact address in the country of residence (viii) the person's contact number; (ix) the person's occupation; (x) the source of funds of the person; (xi) the person's income tax number; (xii) the person's employers name, contact address and contact particulars; and (xiii) the role of such signatory. (4) In respect of each holder of each account referred to in subregulation (3), the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title and gender; (bb) the person's alias, if any; (cc) the person's contact address in the Republic; (dd) the person's country of residence; (ee) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ff) the person's contact number; (gg) the person's occupation; (hh) the source of funds of the person; (ii) the person's income tax number; (jj) the person's employer's name, contact address and contact particulars; and (kk) the source of identifying information from which the particulars referred to in subparagraphs (aa) and (bb) were obtained and the issuin county; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person's or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company. (5) In respect of each client of the reporter concerning whom a suspicious or unusual activity report is made, the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number, and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title and gender; (bb) the person's alias, if any; (cc) the person's country of residence; (dd) if the person's country of residence is the Republic, the person's contact address in the Republic; (ee) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ff) the person's contact number; (gg) the person's occupation; (hh) the source of funds of the person; (ii) the person's income tax number; (jj) the person's employer's name, contact address and contact particulars; (kk) the source of identifying information from which the particulars referred to in subparagraph (a)(i)(aa) and (a)(i)(bb) were obtained; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company; (ff) if the person or entity has been closed, the date when it was closed; and (gg) the tax number of the person or entity. (6) In respect of a natural person conducting a suspicious or unusual activity concerning which a suspicious or unusual activity report is made, on behalf of another natural person or a legal person or other entity, the report must contain as much of the following information as is readily available — (a) the person's title, gender, names and surname; (b) the person's identifying number, nationality and date of birth; (c) the source of identifying information from which the particulars referred to in subparagraphs (a) and (b) were obtained; (d) the person's alias, if any; (e) the person's contact address in the Republic; (f) the person's country of residence; (g) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (h) the person's contact number; (i) the person's occupation; (j) the source of funds of the person; (k) the person's income tax number; and (l) the person's employer's name, contact address and contact particulars. (7) A suspicious or unusual activity report must— (a) contain a full description of the suspicious or unusual activity, including the reason why it is deemed to be suspicious or unusual as contemplated in section 29; (b) indicate what action the natural or legal person making the report or other entity on whose behalf the report is made, has taken in connection with the suspicious or unusual activity concerning which the report is made; (c) contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report; and (d) contain the reference numbers allocated by the Centre and the reporter to any previous reports made.
Source notes
- regulation 23A inserted by section 12 of Government Notice R1062 of 2017
Supporting source
Information to be reported concerning a terrorist financing transaction report
MLR 2002 · Regulation 23B
Plain English
A terrorist-financing transaction report must include the prescribed reporter and party particulars, a full transaction description including why it is suspicious or unusual under section 29, action taken, and the indicator. Preserve each field’s full-particulars or readily-available-information qualification; this is a report schema, not a universal onboarding checklist.
Obligation
Include prescribed particulars, the grounds explaining why the transaction is suspicious or unusual, action taken and the indicator in each terrorist-financing transaction report, subject to field-specific qualifications.
Report
Data items: reporter particulars, party particulars under applicable full-particulars/readily-available branches, transaction description, grounds why the transaction is suspicious or unusual, action taken, indicator
When a reporter makes a terrorist financing transaction report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
23B. Information to be reported concerning a terrorist financing transaction report (1) When a reporter makes a terrorist financing transaction report, the report must contain full particulars of— (a) the name of the natural or legal person making the report or entity on whose behalf the report is made; (b) the identifying particulars of the person or entity on whose behalf the report is made including a regstration or license number; (c) the contact address of the person or entity on whose behalf the report is made; (d) the type of business or economic sector of the entity on whose behalf the report is made; (e) in the case of a natural person making the report, the person's surname, first name, date of birth and contact particulars; (f) in the case of a legal person or an entity making the report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; (g) if the person mentioned in paragraph (e) or (f) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the transaction or series of transactions concerning which a terrorist financing transaction report is made, the report must contain— (a) full particulars of— (i) the location where— (aa) the transaction: or (bb) in the case of a series of transactions, each of the transactions in that series, took place; (ii) the date of the transaction, or, in the case of a series of transactions, the period over which the transactions were conducted; (iii) a description of how the transaction or series of transactions were conducted; (iv) if the transaction or series of transactions involved property comprising money, the amount in local currency; and (v) if the transaction or series of transactions involved property other than money, a description of the type of property and all identifying characteristics of the property; and (b) as much of the following information as is readily available— (i) if the transaction or series of transactions involved property, the estimated value of the property; (ii) if the property involved in the transaction or series of transactions were disposed of— (aa) the manner in which it was disposed of; (bb) the amount of the disposition, in the case of property comprising money; (cc) the currency of the disposition, in the case of property comprising money; (dd) the value for which the property was disposed of, in the case of property other than money; and (ee) the currency used in the disposition, in the case of property other than money; (iii) if another institution or person was involved in the transaction or series of transactions— (aa) the name of the other institution or person; and (bb) the number of any account at the other institution involved in the transaction or series of transactions; (iv) the name and identifying particulars of the branch or office where the transaction or series of transactions was conducted; and (v) any remarks, comments, reasons or explanations which the person conducting the transaction or series of transactions may have made or given. (3) If any account held at the reporter was involved in the transaction or series of transactions concerning which a terrorist financing transaction report is made the report must contain— (a) full particulars in respect of each such account, of— (i) the account number; (ii) the name and identifying particulars of the branch or office where each account is held; (iii) the type of account; (iv) the currency in which this account is denominated; (v) the date on which the account was opened; (vi) the reference numbers allocated by the Centre and the reporter to any previous reports made in connection with the account; (vii) the balance in the account on the date on which the report is made; and (viii) the status of the account immediately before the reported transaction or series of transactions was carried out; and (b) as much of the following information as is readily available in respect of each such account— (i) if the account was closed the date on which the account was closed; (ii) the balance in the account immediately before the transaction or series of transactions was carried out; and (aa) the person's title, gender, names and surname; (bb) the person's identifying number, nationality and date of birth; (cc) the source of identifying information from which the particulars referred to in subparagraphs (aa) and (bb) were obtained; (dd) the person's alias, if any; (ee) the person's contact address in the Republic; (ff) the person's country of residence; (gg) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (hh) the person's contact number; (ii) the person's occupation; (jj) the source of funds of the person; (kk) the person's income tax number; (ll) the person's employer's name, contact address and contact particulars; and (mm) the role of such signatory. (4) In respect of each holder of each account referred to in subregulation (3) the report must contain— (a) in the case of a natural person (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title, gender, nationality and alias, if any; (bb) the person's contact address in the Republic; (cc) the person's country of residence. (dd) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ee) the person's contact number; (ff) the person's occupaation; (gg) the person's source of funds; (hh) the person's income tax number; and (ii) the person's employer's name, contact address and contact particulars; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying numbers if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of busines conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other then the Republic, the person's or entity's contact address in the country of incorporation or origin; (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company; (ff) if the person or entity has been closed, the date when it was closed; and (gg) the tax number of the person or entity. (5) in respect of each client of the reporter, concerning whom a terrorist financing transaction report is made, the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's alias, if any; (bb) the person's country of residence; (cc) if the person's country of residence is the Republic, the person's contact address in the Republic; (dd) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ee) the person's contact number; (ff) the person's occupation; (gg) the person's source of funds; (hh) the person's income tax numbers; and (ii) the person's employer's name, contact address and contact particulars; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the type of business conducted by the person or entity; (bb) the names of the natural person with authority to conduct the transaction on behalf of the person or entity; (cc) the person's or entity's country of incorporation or origin and contact address; (dd) if the country of incorporation or origin is other than the Republic, the person's or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company. (6) In respect of a natural person conducting a transaction or series of transactions concerning which a terrorist financing transaction report is made, on behalf of another natural person or a legal person or other entity, the report must contain as much of the following information as is readily available — (a) the person's title, gender, names and surname; (b) the person's identifying number, nationality and date of birth; (c) the source of identifying information from which the particulars referred to in subparagraghs (a) and (b) were obtained; (d) the person's alias, if any; (e) the person's contact address in the Republic; (f) the person's country of residence; (g) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (h) the person's contact number; (i) the person's occupation; (j) the person's source of funds; (k) the person's income tax number; and (l) the person's employer's name, contact address and contact particulars. (7) A terrorist financing transaction report must— (a) contain a full description of the terrorist financing transaction or series of transactions, including the reason why it is deemed to be suspicious or unusual as contemplated in section 29; (b) indicate what action the natural or legal person making the report, or other entity on whose behalf the report is made, has taken in connection with the transaction or series of transactions concerning which the report is made; and (c) contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report.
Source notes
- regulation 23B inserted by section 12 of Government Notice R1062 of 2017
Supporting source
Information to be reported concerning a terrorist financing activity report
MLR 2002 · Regulation 23C
Plain English
A terrorist-financing activity report must include the prescribed reporter, activity, account, client and representative particulars under the applicable full-particulars and readily-available-information branches; describe the activity and why it is suspicious or unusual under section 29; state action taken; provide the indicator; and give reference numbers of earlier related reports. These report-field qualifications are not universal onboarding data requirements.
Obligation
Include prescribed activity-report particulars, grounds, action taken, indicator and prior-report references in each terrorist-financing activity report, observing field-specific qualifications.
Report
Data items: reporter/contact particulars, applicable party/account particulars, activity description, grounds why the activity is suspicious or unusual, action taken, indicator, reference numbers of earlier related reports
When a reporter makes a terrorist financing activity report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
23C. Information to be reported concerning a terrorist financing activity report (1) When a reporter makes a terrorist financing activity report, the report must contain full particulars of— (a) the name of the natural or legal person making the report or entity on whose behalf the report is made; (b) the identifying particulars of the person or entity on whose behalf the report is made including a registration or license number; (c) the contact address of the person or entity on whose behalf the report is made; (d) the type of business or economic sector of the entity on whose behalf the report is made. (e) in the case of a natural person who is making the report, the person's surname, first name, date of birth and contact particulars; (f) in the case of a legal person or an entity making the report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; and (g) if the person mentioned in paragraph (e) or (f) is— (i) a South African citizen or resident, the identifying particulars of that person and the source of identifying information from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of the activity concerning which a terrorist financing activity report is made, the report must contain as much of the following information as is readily available— (a) the location where the activity took place; (b) the date on which the activity took place; (c) a description of how the activity was conducted; (d) if the activity involved property comprising money, the amount in local currency; (e) if the activity involved property other than money, a description of the type of property, all identifying characteristics of the property and the estimated value of the propety; (f) if the property involved in the activity were disposed of— (i) the manner in which it was disposed of; (ii) the amount of the disposition, in the case of property comprising money; (iii) the currency of the disposition, in the case of property comprising money; (iv) the value for which the property was disposed of, in the case of property other than money; (v) the currency used in the disposition, in the case of property other than money; (g) if another institution or person was involved in the activity— (i) the name of the other institution or person; and (ii) the number of any account at the other institution involved in the activity; (h) the name and identifying particulars of the branch or office where the activity was conducted; and (i) any remarks, comments, reasons or explanations which the person conducting the activity may have made or given. (3) If any account held at the reporter was involved in the activity concerning which a terrorist financing activity report is made, then the report must contain as much of the following information as is readily available in respect of each such account— (a) the account number; (b) the name and identifying particulars of the branch or office where each account is held; (c) the type of account; (d) the currency in which this account is denominated; (e) the date on which the account was opened; (f) the balance in the account on the date on which the report is made; (g) the status of the account immediately before the reported activity was carried out; (h) if the account was closed the date on which the account was closed; and (i) in respect of each signatory on the account— (i) the person's title, gender, names and surname; (ii) the person's identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person's alias, if any; (v) the person's contact address in the Republic; (vi) the person's country of residence; (vii) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (viii) the person's contact number; (ix) the person's occupation; (x) the source of funds of the person; (xi) the person's income tax number; (xii) the person's employer's name, contact address and contact particulars; and (xiii) the role of such signatory. (4) In respect of each holder of each account referred to in subregulation 3 the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title and gender; (bb) the person's alias if any; (cc) the person's contact address in the Republic: (dd) the person's country of residence; (ee) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ff) the person's contact number; (gg) the person's occupation; (hh) the person's source of funds; (ii) the person's income tax number; and (jj) the person's employer's name, contact address and contact particulars, and (kk) the source of identifying information from which the particulars referred to in subparagraphs (a)(i)(aa) an (a)(i)(bb) were obtained and the issuing country; or (b) in the case of a legal person or other entity— (i) full articulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identiying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person's or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii) in respect of at least one director of that company and the role of such person in that company; (ff) if the person or entity has been closed, the date on which it was closed; and (gg) the tax number of the person or entity. (5) In respect of each client of the reporter concerning whom a terrorist financing activity report is made, the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person's names and surname; (bb) the person's identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person's title and gender; (bb) the person's alias, if any; (cc) the person's country of residence; (dd) if the person's country of residence is the Republic, the person's contact address in the Republic; (ee) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (ff) the person's contact number; (gg) the person's occupation; (hh) the person's source of funds; (ii) the person's income tax number; (jj) the person's employer's name, contact address and contact particulars; and (kk) the source of identifying information from which the particulars referred to in subparagraphs (a)(i)(aa) and (a)(i)(bb) were obtained and the issuing country; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person's or entity's name; and (bb) the person's or entity's identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person's or entity's contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person's or entity's country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person or entity's contact address in the country of incorporation or origin; and (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company and the role of such person in that company; (ff) if the person or entity has been closed, the date when it was closed; and (gg) the tax number of the person or entity. (6) In respect of a natural person conducting an activity concerning which a terrorist financing activity report is made, on behalf of another natural person or a legal person or other entity, the report must contain as much of the following information as is readily available— (a) the person's title, gender, names and surname; (b) the person's identifying number, nationality and date of birth; (c) the source of identifying information from which the particulars referred to in subparagraphs (a) and (b) were obtained; (d) the person's alias, if any; (e) the person's contact address in the Republic; (f) the person's country of residence; (g) if the person's country of residence is other than the Republic, the person's contact address in the country of residence; (h) the person's contact number; (i) the person's occupation; (j) the person's source of funds; (k) the person's income tax number; and (l) the person's employer's name, contact address and contact particulars. (7) A terrorist financing activity report must— (a) contain a full description of the activity which is the subject of the terrorist financing activity report, including the reason why it is deemed to be suspicious or unusual as contemplated in section 29; (b) indicate what action the natural or legal person making the report, or other entity on whose behalf the report is made, has taken in connection with the activity concerning which the report is made; (c) contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report; and (d) contain the reference numbers allocated by the Centre and the reporter to any previous reports made.
Source notes
- regulation 23C inserted by section 12 of Government Notice R1062 of 2017
Supporting source
Prescribed amount for the reporting of an international funds transfer report
MLR 2002 · Regulation 23D
Plain English
The amount above which an international electronic funds transfer must be reported to the Centre under FICA section 31 is R19,999.99, so a transfer of R20,000 or more is reportable.
Obligation
Not recorded
Grounding quote
The prescribed amount of funds above which a transaction must be reported to the Centre under section 31 of the Act is R19 999,99.
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Not recorded
- Exceptions
- Not recorded
Source wording and supporting evidence
Original text
23D. Prescribed amount for the reporting of an international funds transfer report The prescribed amount of funds above which a transaction must be reported to the Centre under section 31 of the Act is R19 999,99.
Source notes
- regulation 23D inserted by section 3 of Government Notice 2943 of 2023
Supporting source
Information to be reported concerning an international funds transfer report
MLR 2002 · Regulation 23E
Plain English
An international funds transfer report under FICA section 31 must identify the reporting institution and a contact person, give particulars of the transfer and of the parties on each side, give particulars of any account involved, and carry an indicator code for the circumstances that gave rise to the report.
Obligation
Include the prescribed particulars (institution, transfer, parties, accounts, indicator) in every international funds transfer report.
Report
Data items: reporting institution particulars, transfer particulars, party particulars, account particulars, indicator
When a reporter makes an international funds transfer report, the report must contain full particulars of—
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review
- Conditions
- Binds an accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants); the regulation applies equally to the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint).
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
23E. Information to be reported concerning an international funds transfer report (1) When a reporter makes an international funds transfer report, the report must contain full particulars of— (a) the name of the accountable institution making the report; (b) the identifying particulars of the accountable institution on whose behalf the report is made including a registration or license number; (c) the contact address of the accountable institution on whose behalf the report is made; (d) the type of business or economic sector of the accountable institution on whose behalf the report is made; (e) in the case of a legal person or an entity making a report, the surname, first name, date of birth and contact particulars of a contact person who may be contacted in relation to the report; and (f) if the contact person mentioned in paragraph (e) is— (i) a South African citizen or resident, the identifying particulars of that person and the type of identifying document from which the particulars were obtained; or (ii) not a South African citizen or resident, the identifying particulars of that contact person and the source of identifying information from which the particulars referred to were obtained and the issuing country thereof. (2) In respect of any transaction for which an international funds transfer report is made, the report must contain— (a) full particulars of— (i) the location where the transaction took place; (ii) the date of the transaction; (iii) the value of the transaction in local currency; and (iv) a description of how the transaction was conducted; and (b) as much of the following information as is readily available— (i) the foreign currency value, currency code and conversion rate applied by the reporter, if the funds or any portion of the funds were converted into foreign currency; (ii) the unique internal reference number for the transaction, if such a number was allocated to the transaction; (iii) the Internet Protocol address pertaining to the device by means of which the transaction was conducted if the transaction was conducted by means of an internet transaction facility; (iv) the merchant location if the transaction was conducted by means of a credit or debit card; (v) a description of the South African Reserve Bank Balance of Payments category; (vi) a description of the South African Reserve Bank Balance of Payments subcategory; and (vii) the stated purpose for the transaction. (3) In respect of a transaction by which funds are sent out of the Republic for which an international funds transfer report is made, the report must contain— (a) full particulars of— (i) the location of the institution where the funds will be received; and (ii) the SWIFT code of the institution or institution code where the funds will be received; and (b) as much of the following information as is readily available— (i) the particulars of the recipient of the funds; and (ii) the number of the account to which the funds will be credited, if the funds are to be credited to an account. (4) In respect of a transaction by which funds are received in the Republic for which an international funds transfer report is made, the report must contain— (a) full particulars of— (i) the location of the institution from where the transaction originated; and (ii) the SWIFT code of the institution or institution code from where the transaction originated; and (b) as much of the following information as is readily available— (i) the particulars of the originator of the transaction; and (ii) the number of the account from which the funds are sent, if the funds are sent from an account. (5) In respect of a person conducting a transaction for which an international funds transfer report is made, or an entity for which a natural person is conducting such a transaction, the report must contain as much of the following information as is readily available— (a) in the case of a natural person— (i) the person’s title, gender, names and surname; (ii) the person’s identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person’s contact address in the Republic; (v) the person’s contact number; (vi) the person’s occupation; (vii) the person’s country of residence; (viii) if the person’s country of residence is other than the Republic, the person’s contact address in the country of residence; (ix) the person’s alias, if any; (x) the person’s source of funds; (xi) the person’s income tax number; and (xii) the person’s employer’s name, contact address and contact particulars; and (b) in the case of a legal person or entity— (i) the person’s or entity’s name; (ii) the person’s or entity’s identifying number, if it has such a number; (iii) the information referred to in paragraph (a) in respect of the natural person with authority to conduct the transaction on behalf of the person or entity; and (iv) in the case of a company, the information referred to in paragraph (a) in respect of at least one director of that company; or (v) in the case of another type of legal person or other entity, the information referred to in paragraph (a) in respect of at least one natural person associated with that legal person or entity and the role of such person in the legal person or entity. (6) If any account held at the reporter was involved in the transaction for which an international funds transfer report is made, the report must contain— (a) full particulars in respect of each such account, of— (i) the account number; (ii) the name and identifying particulars of the branch or office of the reporter where each account is held; (iii) the type of account; (iv) the currency in which this account is denominated; and (v) the date on which the account was opened; and (b) as much of the following information as is readily available in respect of each signatory on each such account— (i) the person’s title, gender, names and surname; (ii) the person’s identifying number, nationality and date of birth; (iii) the source of identifying information from which the particulars referred to in subparagraphs (i) and (ii) were obtained; (iv) the person’s alias, if any; (v) the person’s contact address in the Republic; (vi) the person’s country of residence; (vii) if the person’s country of residence is other than the Republic, the person’s contact address in the country of residence; (viii) the person’s contact number; (ix) the person’s occupation; (x) the source of funds of the person; (xi) the person’s income tax number; and (xii) the person’s employer’s name, contact address and contact particulars. (7) In respect of each holder of each account referred to in subregulation (6), the report must contain— (a) in the case of a natural person— (i) full particulars of— (aa) the person’s names and surname; (bb) the person’s identifying number and date of birth; and (ii) as much of the following information as is readily available— (aa) the person’s title, gender, nationality and alias, if any; (bb) the person’s contact address in the Republic; (cc) the person’s country of residence; (dd) if the person’s country of residence is other than the Republic, the person’s contact address in the country of residence; (ee) the person’s contact number; (ff) the person’s occupation; (gg) the person’s source of funds; (hh) the person’s income tax number; and (ii) the person’s employer’s name, contact address and contact particulars; or (b) in the case of a legal person or other entity— (i) full particulars of— (aa) the person’s or entity’s name; and (bb) the person’s or entity’s identifying number, if it has such a number; and (ii) as much of the following information as is readily available— (aa) the person’s or entity’s contact address in the Republic; (bb) the type of business conducted by the person or entity; (cc) the person’s or entity’s country of incorporation or origin; (dd) if the country of incorporation or origin is other than the Republic, the person’s or entity’s contact address in the country of incorporation or origin; (ee) in the case of a company, the information referred to in paragraph (a)(i) and (ii), in respect of at least one director of that company; and (ff) the tax number of the person or entity. (8) An international funds transfer report must contain an indicator or indicators in respect of the circumstances that gave rise to the submission of the report.
Source notes
- regulation 23E inserted by section 3 of Government Notice 2943 of 2023
Supporting source
Period for reporting
MLR 2002 · Regulation 24
Plain English
Every listed report must be sent as soon as possible; its stated period is an outer limit, not a target or permission to wait for internal approval. For section 28A, send within 5 regulation-defined days after a specified natural person establishes that the institution has the property; a later-date request must reach the Centre before expiry, and late filing requires Centre approval. For section 29, send within 15 defined days after the specified person becomes aware of the relevant reportable fact; the Centre may approve later filing. For section 28 cash reports, send within 3 defined days after the specified person becomes aware that the cash transaction exceeded the prescribed limit. For section 31 international funds transfer reports, send within 3 defined days after the specified person becomes aware of a fact that the transfer exceeded its prescribed limit, read with section 31’s after-transfer wording. “Days” here excludes Saturdays, Sundays and public holidays. Centre approval is only available for sections 28A and 29; it is not automatic, and only section 28A has the express before-expiry request rule. Do not extend this day definition to section 43B’s 90-day change-notification duty.
Obligation
File each report as soon as possible and within its regulation 24 outer limit using the regulation-defined day count (excluding Saturdays, Sundays and public holidays): 5 days for section 28A, 15 for section 29, and 3 for sections 28 and 31, each from its stated awareness/establishment trigger. Only sections 28A and 29 allow Centre-approved late filing; a section 28A request must reach the Centre before expiry.
Report
A report under section 28A of the Act must be sent to the Centre as soon as possible but not later than 5 days after
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Onboarding, Ongoing review, Investigation, Offboarding
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Centre approval for filing after the stated period is provided only for sections 28A and 29; approval is not automatic. A section 28A later-date request must reach the Centre before expiry. No extension is stated here for sections 28 or 31. The special definition of days is for regulation 24 only.
Assess applicability in workspace
Source wording and supporting evidence
Original text
24. Period for reporting (1) A report under section 28A of the Act must be sent to the Centre as soon as possible but not later than 5 days after a natural person who is an accountable institution or is in charge of, manages or is employed by an accountable institution, had established that the accountable institution has property associated with terrorist and related activities in its possession or under its control, unless the Centre has approved of the report being sent after the expiry of this period. (2) A request for a report referred to in subregulation (1) to be sent to the Centre after the period referred to in that subregulation must reach the Centre before the expiry of that period. (3) A report under section 29 of the Act must be sent to the Centre as soon as possible but not later than fifteen days after a natural person or any of his or her employees, or any of the employees or officers of a legal person or other entity, has become aware of a fact concerning a transaction on the basis of which knowledge or a suspicion concerning the transaction must be reported, unless the Centre has approved of the report being sent after the expiry of this period. (4) A report under section 28 of the Act must be sent to the Centre as soon as possible but not later than 3 days after a natural person or any of his or her employees, or any of the employees of officers of a legal person or other entity, has become aware of a fact of a cash transaction that has exceeded the prescribed limit. (5) A report under section 31 of the Act must be sent to the Centre as soon as possible but not later than 3 days after a natural person or any of his or her employees, or any of the employees or officers of a legal person or other entity, has become aware of a fact of an international funds transfer that has exceeded the prescribed limit.
Source notes
- subregulation (4) added by section 3 of Government Notice R867 of 2010 and substituted by section 4 of Government Notice 2638 of 2022
- subregulation (5) added by section 4 of Government Notice 2943 of 2023
- regulation 24 substituted by section 5 of Government Notice R456 of 2005
Supporting source
Manner in which and period within additional information to be furnished
MLR 2002 · Regulation 24A
Plain English
If the Centre asks for additional information under FICA section 32, the institution (or other person asked) must supply it within the number of days the Centre specifies, in the Centre's required format, normally through the online reporting portal.
Obligation
Furnish additional information requested by the Centre under FICA section 32 within the Centre's specified period and format.
Report
Data items: additional information requested by the Centre
must, after receiving such request from the Centre and within the number of days specified in the request furnish to the Centre the additional information
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Individual customer, Company, Trust or legal arrangement
- Stages
- Ongoing review, Investigation
- Conditions
- Binds whoever makes the report: an accountable institution, or for a section 29 report any business or its staff. Tagged here for the financial-sector Schedule 1 items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants). Schedule 3 currently lists no reporting institution.
- Exceptions
- Not recorded
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Source wording and supporting evidence
Original text
24A. Manner in which and period within additional information to be furnished An accountable institution, a reporting institution or any other person that receives a request for additional information from the Centre in terms of section 32 of the Act must, after receiving such request from the Centre and within the number of days specified in the request furnish to the Centre the additional information— (a) in accordance with the format and content specified by the Centre; and (b) electronically by means of the internet-based reporting portal provided by the Centre at the internet address, http://www.fic.gov.za, or by any other means specified by the Centre.
Source notes
- regulation 24A inserted by section 13 of Government Notice R1062 of 2017
Supporting source
Period for and manner of registration by accountable institutions and reporting institutions
MLR 2002 · Regulation 27A
Plain English
The original 2010-2011 registration window is historical. Under the retained consolidation, a category added to Schedule 1 or Schedule 3 must register within 90 days after Gazette publication; a person/category commencing a new business within either Schedule must register within 90 days after opening. Registration is electronic through the Centre’s specified portal. A person lacking technical capability must use the Centre’s specified form/contact; the regulation’s fallback is not the broader indefinite-inability rule in regulation 22(2). Registration is not licensing and has no fee. Separately, FICA section 43B(4) requires a registered institution to notify changes to its particulars in writing within 90 days after the change.
Obligation
Register within the applicable 90-day period after a Schedule amendment or opening a newly covered business, and keep this distinct from section 43B(4)’s continuing written change-notification duty within 90 days after a particulars change. Use the form fallback only when the person lacks technical capability; registration is not a licence.
must, within 90 days of the day the business opened, register with the Centre.
Applies to
- Firm types
- Credit institution, Financial institution, Payment institution, Cryptoasset business, Investment firm
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Binds an accountable institution in FICA Schedule 1. Tagged here for the financial-sector items 4 (authorised users of an exchange), 5 (collective investment scheme managers), 6 (banks), 7 (mutual banks), 7A (co-operative banks), 8 (life insurers, excluding reinsurance), 10 (foreign exchange dealers), 11 (credit providers), 12 (financial services providers advising or intermediating on investment products), 13 (issuers of travellers’ cheques, money orders and similar instruments), 14 (the South African Postbank), 19 (money or value transfer providers), 22 (crypto asset service providers) and 23 (clearing system participants); the regulation applies equally to the non-financial items 1 (legal practitioners), 2 (trust and company service providers), 3 (estate agents), 9 (gambling businesses), 20 (high-value goods dealers) and 21 (the South African Mint).
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original text
27A. Period for and manner of registration by accountable institutions and reporting institutions (1) Every accountable institution referred to in Schedule 1 of the Act and every reporting institution referred to in Schedule 3 of the Act must, within the period commencing 1 December 2010 until 1 March 2011, register with the Centre in terms of section 43B of the Act. (2) Any person or category of persons added to the list in Schedule 1 or Schedule 3 of the Act after the commencement of this regulation must register with the Centre within 90 days after the amended Schedule 1 or Schedule 3 is published by notice in the Gazette. (3) Any person or category of persons who, on commencing a new business, fall within the list of accountable institutions or reporting institutions in Schedule 1 and Schedule 3 respectively must, within 90 days of the day the business opened, register with the Centre. (4) The registration of an accountable institution and a reporting institution contemplated in subregulation (1), (2) and (3) must be in accordance with the format specified by the Centre and must be submitted to the Centre electronically by means of the internet-based reporting portal provided by the Centre for this purpose at the following internet address: http://www.fic.gov.za (5) If a person does not have the technical capability to register in accordance with subregulation (4) that person must submit the registration on a form specified by the Centre at the contact particulars specified by the Centre from time to time for this purpose. (6) The registration of an accountable institution or a reporting institution is not a licensing process and no license will be issued on the completion of a registration contemplated in subregulation (1), (2) and (3). (7) No fee is payable for a registration contemplated in subregulation (1), (2) or (3).
Source notes
- regulation 27A inserted by section 3 of Government Notice 1107 of 2010
Supporting source
GN R.7577, amending Schedule, clause 4; regulation 22(1) and (3)
GN R.7577 of 2026 · GN R.7577, amending Schedule, clause 4; regulation 22(1) and (3)
Plain English
If a bank is required to submit a report under FICA section 28, 28A, 29 or 31, it must use the FIC format and submit electronically through the FIC portal or another FIC-developed electronic method made available to the required reporter, subject to regulation 22(2). Section 30 reports separately use the manner and format SARS specifies; that does not create a bank reporting trigger.
Obligation
For an otherwise-required report under FICA section 28, 28A, 29 or 31, use the FIC format and an electronic FIC portal or other FIC-developed method made available to the reporter, subject to regulation 22(2).
Report
Applies to
- Firm types
- Accountable institution, Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review, Investigation
- Conditions
- Only when the bank is actually required to make a report under FICA ss. 28, 28A, 29 or 31; this amendment creates no trigger. Regulation 22(3) separately assigns s.30 report manner/format to SARS.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
GN R.7577, amending Schedule, clause 5; regulations 23F–23G
GN R.7577 of 2026 · GN R.7577, amending Schedule, clause 5; regulations 23F–23G
Plain English
A person conveying cash or bearer negotiable instruments into or out of South Africa at R100,000 or more (or foreign-currency equivalent) is within the reporting threshold. Regulation 23G specifies report-maker, represented-person, travel, amount, origin, source and purpose particulars.
Obligation
Not recorded
Applies to
- Firm types
- Not recorded
- Business lines
- Not recorded
- Customer types
- Not recorded
- Stages
- Not recorded
- Conditions
- Actor-conditional only if a bank or identifiable employee is itself the person making a section 30 report about a covered conveyance; no generic bank reporting duty is inferred.
- Exceptions
- Not recorded
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
PA Guidance Note G5/2024, paragraph 3.2.2
PA Guidance Note G5/2024 · PA Guidance Note G5/2024, paragraph 3.2.2
Plain English
PA Guidance Note G5/2024, paragraph 3.2.2: The methodology should cover purpose, assessment period and frequency, stakeholders, assessment design and residual-risk calculation. After the assessment, the process should obtain senior-management approval of the assessment and track issues and remediate gaps identified through it.
Obligation
PA Guidance Note G5/2024, paragraph 3.2.2: The PA guidance recommends the practice summarized in plainEnglish.
Assess
Applies to
- Firm types
- Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- The note is addressed to banks, controlling companies, branches of foreign institutions, eligible institutions, and their auditors. Its executive summary collectively calls banks and controlling companies “banks”; some passages also refer to other relevant accountable institutions. Apply each passage only to its stated actor and actual group/business context. It is supervisory guidance under Banks Act section 6(5), not a freestanding binding instrument.
- Exceptions
- Customer, product, service, channel, geographic and operational factors are institution-specific assessment inputs, not automatic customer risk labels, prohibitions, or retail-customer duties. Group, foreign-operation, product-launch, third-party and other conditional examples apply only where the described facts exist. Separate statutory or regulatory duties cited by the note retain their own legal basis and require independent current-law analysis.
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
PA Guidance Note G5/2024, paragraph 3.7.2
PA Guidance Note G5/2024 · PA Guidance Note G5/2024, paragraph 3.7.2
Plain English
PA Guidance Note G5/2024, paragraph 3.7.2: The bank should review and score each product or service. Each business unit can determine offering volumes and related account balances or transactions, and that data can be used to assess exposure. Accountable institutions should also be aware of innovative services or technologies delivered using the bank’s services by other providers. When the institution adopts a new product or technology, a risk assessment must take place before product launch and technology utilisation; this is wording in supervisory guidance, not a freestanding statutory duty.
Obligation
The PA guidance recommends reviewing each product or service and assigning an inherent ML/TF/PF risk score. Business units can use product/service volumes, account balances or transactions to assess their exposure and the bank's overall inherent product/service risk. Accountable institutions should also be aware of new or innovative payment services and technologies delivered using the bank's services, even when not specifically offered by the institution. Where the institution adopts new products or technologies, the source says assessment must precede product launch and technology utilisation; this remains supervisory guidance, not a freestanding statutory duty.
Assess
Applies to
- Firm types
- Credit institution
- Business lines
- All business lines
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- The note is addressed to banks, controlling companies, branches of foreign institutions, eligible institutions, and their auditors. Its executive summary collectively calls banks and controlling companies “banks”; some passages also refer to other relevant accountable institutions. Apply each passage only to its stated actor and actual group/business context. It is supervisory guidance under Banks Act section 6(5), not a freestanding binding instrument.
- Exceptions
- Customer, product, service, channel, geographic and operational factors are institution-specific assessment inputs, not automatic customer risk labels, prohibitions, or retail-customer duties. Group, foreign-operation, product-launch, third-party and other conditional examples apply only where the described facts exist. Separate statutory or regulatory duties cited by the note retain their own legal basis and require independent current-law analysis.
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.1
FIC Directive 9 · Directive 9, paragraph 4.1
Plain English
An ordering CASP must comply with the detailed requirements in paragraphs 4.2-4.9.
Obligation
An ordering CASP must comply with the detailed requirements in paragraphs 4.2-4.9.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Covered ordering CASP, only in the paragraph 3 crypto-transfer scope.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.2
FIC Directive 9 · Directive 9, paragraph 4.2
Plain English
For a qualifying transfer, the ordering CASP must send the recipient CASP the originator information that matches the originator's type. For a natural-person originator, send the full name in all cases. If the person is a South African citizen or resident, also send the identity number; if the person is neither, also send the passport number or foreign national identity number and date of birth. For a natural person, also send residential address if readily available, or country of birth if it is not. For a legal person, send registered name, incorporation number and registered address instead of the natural-person fields. Separately, send the originator's associated distributed-ledger address if the transfer is registered on a network using distributed ledger or similar technology. Send the ordering-CASP crypto-asset account number if an account is used to process the transaction; send a unique transaction reference number if the account number is not available.
Obligation
For a qualifying transfer, the ordering CASP must send the recipient CASP the originator information that matches the originator's type. For a natural-person originator, send the full name in all cases. If the person is a South African citizen or resident, also send the identity number; if the person is neither, also send the passport number or foreign national identity number and date of birth. For a natural person, also send residential address if readily available, or country of birth if it is not. For a legal person, send registered name, incorporation number and registered address instead of the natural-person fields. Separately, send the originator's associated distributed-ledger address if the transfer is registered on a network using distributed ledger or similar technology. Send the ordering-CASP crypto-asset account number if an account is used to process the transaction; send a unique transaction reference number if the account number is not available.
Report
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Applies to a qualifying transfer within section 3's scope for a listed accountable institution acting as ordering CASP. A qualifying transfer is a transaction in a business relationship involving a crypto asset of any value above zero. For the originator account field, include the ordering-CASP account number if an account is used to process the transaction; a unique transaction reference number applies if that account number is unavailable. Separately, provide the originator's distributed-ledger address if the transfer is registered on a network using distributed ledger or similar technology.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.3
FIC Directive 9 · Directive 9, paragraph 4.3
Plain English
Originator is the ordering CASP’s client for execution; 4.2 information sent to the recipient is subject to Part 1 Chapter 3 FICA CDD and the ordering CASP’s section 42 RMCP, which must be developed, documented, maintained and implemented.
Obligation
Originator is the ordering CASP’s client for execution; 4.2 information sent to the recipient is subject to Part 1 Chapter 3 FICA CDD and the ordering CASP’s section 42 RMCP, which must be developed, documented, maintained and implemented.
Assess Verify
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Covered transfer; ordering CASP and originator client. No individual/company-only customer filter.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.4
FIC Directive 9 · Directive 9, paragraph 4.4
Plain English
Transmit beneficiary full name and ledger address where the transfer is recorded on a distributed-ledger or similar network. Transmit recipient-CASP account number only if used to process the transaction and readily available to the ordering CASP.
Obligation
Transmit beneficiary full name and ledger address where the transfer is recorded on a distributed-ledger or similar network. Transmit recipient-CASP account number only if used to process the transaction and readily available to the ordering CASP.
Report
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Covered transfer; ordering CASP. The ledger field is network-conditioned, not availability-conditioned; the account field requires both use and ready availability.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.5
FIC Directive 9 · Directive 9, paragraph 4.5
Plain English
For a single transaction below R5,000, transmit at least six fields: originator full name; originator ledger address if network-registered; originator account number if used or unique transaction reference if account unavailable; beneficiary full name; beneficiary ledger address if network-registered; beneficiary account number if used and readily available. Reference fallback is originator-only.
Obligation
For a single transaction below R5,000, transmit at least six fields: originator full name; originator ledger address if network-registered; originator account number if used or unique transaction reference if account unavailable; beneficiary full name; beneficiary ledger address if network-registered; beneficiary account number if used and readily available. Reference fallback is originator-only.
Report
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Single covered transfer strictly below R5,000; ordering CASP; minimum payload. No customer-type restriction. Preserve separate network, account-use and ready-availability conditions.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.6
FIC Directive 9 · Directive 9, paragraph 4.6
Plain English
For a single transfer below R5,000, accuracy verification of 4.5 information is not required unless there is ML or TF suspicion; then verify information pertaining to the originator. This trigger does not add PF.
Obligation
For a single transfer below R5,000, accuracy verification of 4.5 information is not required unless there is ML or TF suspicion; then verify information pertaining to the originator. This trigger does not add PF.
Verify
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Single crypto transaction below R5,000. Exception concerns accuracy of 4.5 data; on ML/TF suspicion verify originator information. No customer-type filter.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.7
FIC Directive 9 · Directive 9, paragraph 4.7
Plain English
Within section 3's scope, when an ordering CASP will transmit information referred to in 4.2, 4.4 or 4.5 to another CASP, it must, before transmitting it, identify that counterpart and conduct due diligence on it: whether it can reasonably be expected to protect confidentiality, and to avoid dealing with illicit actors or entities identified under a UN Security Council resolution announced in a section 26A(3) notice. This includes the referenced 4.5 single-transaction information. Prior due diligence need not be repeated for every transfer with a counterpart already checked; it must be repeated on suspicion of ML, TF or PF against that counterpart, and updated periodically or when risk emerges from that relationship.
Obligation
Within section 3's scope, when an ordering CASP will transmit information referred to in 4.2, 4.4 or 4.5 to another CASP, it must, before transmitting it, identify that counterpart and conduct due diligence on it: whether it can reasonably be expected to protect confidentiality, and to avoid dealing with illicit actors or entities identified under a UN Security Council resolution announced in a section 26A(3) notice. This includes the referenced 4.5 single-transaction information. Prior due diligence need not be repeated for every transfer with a counterpart already checked; it must be repeated on suspicion of ML, TF or PF against that counterpart, and updated periodically or when risk emerges from that relationship.
Assess Verify
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Section 3 applies to accountable institutions listed in Schedule 1 items 12 or 22 that act as ordering, intermediary or recipient CASPs and facilitate or enable origination or receipt of domestic or cross-border crypto-asset transfers, or act as an intermediary for a client. Under paragraph 4.7, the ordering CASP will transmit information referred to in 4.2, 4.4 or 4.5 to another CASP, including 4.5 single-transaction information. Identify and conduct due diligence on the counterpart before transmission; prior-due-diligence relief is counterpart-specific, and the source's suspicion and update conditions remain applicable.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.8
FIC Directive 9 · Directive 9, paragraph 4.8
Plain English
An ordering CASP must not execute the crypto transfer if it cannot meet paragraphs 4.1-4.7.
Obligation
An ordering CASP must not execute the crypto transfer if it cannot meet paragraphs 4.1-4.7.
Prohibited action
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Execution prohibition applies when covered ordering CASP cannot comply with the preceding controls.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 4.9
FIC Directive 9 · Directive 9, paragraph 4.9
Plain English
The ordering CASP records how it will implement paragraphs 4.1-4.8 in its section 42 RMCP.
Obligation
The ordering CASP records how it will implement paragraphs 4.1-4.8 in its section 42 RMCP.
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Covered ordering CASP; RMCP must contain implementation methods and processes.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 5.1
FIC Directive 9 · Directive 9, paragraph 5.1
Plain English
An intermediary CASP must comply with paragraphs 5.2-5.5.
Obligation
An intermediary CASP must comply with paragraphs 5.2-5.5.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Covered intermediary role in paragraph 3.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 5.2
FIC Directive 9 · Directive 9, paragraph 5.2
Plain English
The intermediary passes all originator and beneficiary information onward to the receiving CASP or next intermediary for domestic and cross-border transfers.
Obligation
The intermediary passes all originator and beneficiary information onward to the receiving CASP or next intermediary for domestic and cross-border transfers.
Report
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Both domestic and cross-border crypto transfers; onward transmission through the chain.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 5.3
FIC Directive 9 · Directive 9, paragraph 5.3
Plain English
The intermediary takes reasonable measures to detect cross-border transfers missing required originator/beneficiary information.
Obligation
The intermediary takes reasonable measures to detect cross-border transfers missing required originator/beneficiary information.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Text expressly limits this detection duty to cross-border transfers.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 5.4
FIC Directive 9 · Directive 9, paragraph 5.4
Plain English
Develop, document, maintain and implement effective risk-based policies/procedures to decide execute/suspend/return for cross-border transfers missing any 4.2/4.4/4.5 data and appropriate follow-up in each instance.
Obligation
Develop, document, maintain and implement effective risk-based policies/procedures to decide execute/suspend/return for cross-border transfers missing any 4.2/4.4/4.5 data and appropriate follow-up in each instance.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Intermediary CASP; cross-border transfer lacking any required 4.2/4.4/4.5 information; determine follow-up for each disposition.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 5.5
FIC Directive 9 · Directive 9, paragraph 5.5
Plain English
The intermediary includes the missing-information detection measures and risk policies in its section 42 RMCP.
Obligation
The intermediary includes the missing-information detection measures and risk policies in its section 42 RMCP.
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Covered intermediary CASP.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 6.1
FIC Directive 9 · Directive 9, paragraph 6.1
Plain English
A recipient CASP must comply with paragraphs 6.2-6.6.
Obligation
A recipient CASP must comply with paragraphs 6.2-6.6.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Onboarding, Ongoing review
- Conditions
- Covered recipient role in paragraph 3.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 6.2
FIC Directive 9 · Directive 9, paragraph 6.2
Plain English
Beneficiary is recipient CASP client for transfer execution. Source says identity verification is “subject to paragraph 6.2”, a literal self-reference; preserve and flag pending official clarification, not unconditional mapping or silent correction.
Obligation
Beneficiary is recipient CASP client for transfer execution. Source says identity verification is “subject to paragraph 6.2”, a literal self-reference; preserve and flag pending official clarification, not unconditional mapping or silent correction.
Verify
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Recipient CASP and transfer-beneficiary client. Verification is expressly subject to the source’s unresolved self-reference; no individual/company filter.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 6.3
FIC Directive 9 · Directive 9, paragraph 6.3
Plain English
For inward single transactions below R5,000 from high-risk or other monitored jurisdictions, verify beneficiary-information accuracy.
Obligation
For inward single transactions below R5,000 from high-risk or other monitored jurisdictions, verify beneficiary-information accuracy.
Verify
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- All conditions: inward transfer, single transaction < R5,000, originator from high-risk/other monitored jurisdiction. No customer-type filter.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 9, paragraph 6.4
FIC Directive 9 · Directive 9, paragraph 6.4
Plain English
Within section 3's scope, a recipient CASP must take reasonable measures to identify cross-border crypto-asset transfers lacking required information under 4.2, 4.4 or 4.5, including missing information under 4.5 for a single transaction. Measures may include post-event monitoring or real-time monitoring where feasible; these are examples, not exclusive methods.
Obligation
Within section 3's scope, a recipient CASP must take reasonable measures to identify cross-border crypto-asset transfers lacking required information under 4.2, 4.4 or 4.5, including missing information under 4.5 for a single transaction. Measures may include post-event monitoring or real-time monitoring where feasible; these are examples, not exclusive methods.
Assess
Applies to
- Firm types
- Accountable institution, Cryptoasset business
- Business lines
- Cryptoasset services
- Customer types
- Not recorded
- Stages
- Ongoing review
- Conditions
- Section 3 applies to accountable institutions listed in Schedule 1 items 12 or 22 that act as ordering, intermediary or recipient CASPs and facilitate or enable origination or receipt of domestic or cross-border crypto-asset transfers, or act as an intermediary for a client. A recipient CASP must take reasonable measures to identify cross-border transfers lacking required information referred to in 4.2, 4.4 or 4.5, including 4.5 single-transaction information. Monitoring examples are permissive; real-time monitoring is qualified by feasibility.
- Exceptions
- Not recorded
Assess applicability in workspace
Source wording and supporting evidence
Original wording is not reproduced. This view contains RegCanary's reviewed analysis, not a copy of the source text.
Supporting source
Directive 3A of 2025: Notification of failure to report as required by the Financial Intelligence Centre
Financial Intelligence Centre under FICA section 43A(1)
- Official reference
- Government Notice 6072, Government Gazette 52423, 31 March 2025
- Retained edition
- Directive 3A of 2025, published 31 March 2025
- Identity checked
- 2026-10-07
- Source status
- Official-source search checked the FIC publication and Gazette identity; broader current-law and amendment/supersession completeness remains for independent review.
- Source rights
- Rights status: unverified
13 of 13 collected provisions independently reviewed.
Explore every collected provisionDirective 8 of 2023: Screening of employees for competence and integrity and scrutinising employee information against applicable targeted financial sanctions lists
Financial Intelligence Centre under FICA section 43A(1)
- Official reference
- Government Gazette 48357, notice 3257, 31 March 2023
- Retained edition
- Directive 8 of 2023, 31 March 2023
- Identity checked
- Not recorded
- Source status
- FIC Directive 8 of 2023, issued 31 March 2023; identity and extracted text pinned to retained source PDF.
- Source rights
- Rights status: unverified
11 of 11 collected provisions independently reviewed.
Explore every collected provisionDirective 9 concerning the implementation of the Travel Rule relating to crypto asset transfers
Financial Intelligence Centre
- Official reference
- Government Notice 5543, Government Gazette 51556, 15 November 2024
- Retained edition
- 2024-11-15; effective 2025-04-30
- Identity checked
- 2026-10-07
- Source status
- Identity and selected official references checked on 2026-10-07; later amendment, withdrawal, replacement and complete current-law chain have not been exhaustively reconciled.
- Source rights
- Rights status: unverified
50 of 50 collected provisions independently reviewed.
Explore every collected provisionGuidance Note 7B on the Implementation of Various Aspects of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001)
Financial Intelligence Centre, in collaboration with National Treasury, South African Reserve Bank and Financial Sector Conduct Authority
- Official reference
- Guidance Note 7B, issued 3 August 2026 under section 4(c) of FICA read with regulation 28 of the MLTFC Regulations
- Retained edition
- Guidance Note 7B, 3 August 2026; replaces GN7, GN7A and revised GN7A
- Identity checked
- 2026-10-06
- Source status
- This bounded package accounts for the retained 3 August 2026 source only. Later correction, replacement, withdrawal, implementation status and current legal effect have not been independently checked.
- Source rights
- FIC copyright notice: non-commercial unaltered reproduction only; no public or commercial reuse grant is asserted here.
234 of 234 collected provisions independently reviewed.
Explore every collected provisionPCC 50A: Guidance on the measures required for mitigation of loss of intelligence data due to reporting failures
Financial Intelligence Centre; guidance accompanying Directive 3A of 2025
- Official reference
- FIC Public Compliance Communication 50A, issued 31 March 2025
- Retained edition
- PCC 50A, 31 March 2025
- Identity checked
- 2026-10-07
- Source status
- Official FIC publication and instrument identity were checked. No authoritative later withdrawal, replacement or amendment was established in this bounded search; currentness completeness remains for independent review.
- Source rights
- Rights status: unverified
63 of 63 collected provisions independently reviewed.
Explore every collected provisionGuidance on Beneficial Ownership in Terms of Section 21B of the Financial Intelligence Centre Act
Financial Intelligence Centre
- Official reference
- Public Compliance Communication 59, issued 8 August 2024
- Retained edition
- 2024-08-08
- Identity checked
- 2026-10-07
- Source status
- Identity and selected official references checked on 2026-10-07; later amendment, withdrawal, replacement and complete current-law chain have not been exhaustively reconciled.
- Source rights
- Rights status: unverified
88 of 88 collected provisions independently reviewed.
Explore every collected provisionFinancial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Parliament of the Republic of South Africa / Financial Intelligence Centre
- Official reference
- Act No. 38 of 2001
- Retained edition
- FIC consolidation of October 2023, including the 2022 amendments
- Identity checked
- Not recorded
- Source status
- FIC-hosted consolidation (fic.gov.za, document created 25 October 2023). Its cover page lists amending Acts only up to the Financial Sector Regulation Act 9 of 2017, but the body carries the amendments made by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (for example the "domestic/foreign politically exposed person" terms in ss.21F-21H and Schedules 3A-3B, and proliferation financing in s.42) and the Schedule 1-3 amendments in force from 19 December 2022 (Schedule 1 items 22 and 23, both Schedule 3 items omitted). Any amendment after October 2023 could not be checked against a second consolidation.
- Source rights
- South African legislation is not subject to copyright under section 12(8)(a) of the Copyright Act, 1978; reproduced for compliance-reference purposes.
152 of 152 collected provisions independently reviewed.
Explore every collected provisionMoney Laundering and Terrorist Financing Control Regulations, 2002 (Government Notice R.1595)
Minister of Finance, under section 77 of the Financial Intelligence Centre Act, 2001
- Official reference
- GN R.1595 of 20 December 2002, Government Gazette 24176
- Retained edition
- As at 1 February 2023
- Identity checked
- Not recorded
- Source status
- Laws.Africa/LawLibrary consolidation, FRBR expression eng@2023-02-01 ("Legislation as at 1 February 2023"). It reflects Government Notice R1062 of 2017 (repeal of Chapters 1 and 3 and regulations 25-27; insertion of regulations 1A, 23A-23C and 27D), Government Notice 2638 of 2022 (regulations 22B, 22C and 24(4), in force 14 November 2022) and Government Notice 2943 of 2023 (regulations 23D, 23E, 24(5) and 29(6M)-(6N), in force 1 February 2023). It is the latest full-text expression located; a later amendment, if any, could not be checked.
- Source rights
- This Laws.Africa/LawLibrary-collated text is licensed CC BY 4.0; the underlying legislative content carries no copyright under South African law.
28 of 28 collected provisions independently reviewed.
Explore every collected provisionFinancial Intelligence Centre Act, 2001: Amendment of Money Laundering and Terrorist Financing Control Regulations
Minister of Finance under FICA section 77
- Official reference
- Government Notice R.7577, Government Gazette 54820, Regulation Gazette 12003, 12 June 2026
- Retained edition
- GN R.7577 of 2026; effective 1 July 2026
- Identity checked
- Not recorded
- Source status
- GN R.7577 amending instrument only; effective 1 July 2026. Not a consolidated text of the 2002 Regulations.
- Source rights
- Rights status: unverified
8 of 9 collected provisions independently reviewed.
Explore every collected provisionDirective D4/2022: Requirement to submit anti-money laundering and counter-financing of terrorism risk returns to the PA on a periodic basis
Prudential Authority under section 43A(3) of the Financial Intelligence Centre Act 38 of 2001
- Official reference
- Directive D4/2022, issued 21 June 2022 under FICA section 43A(3)
- Retained edition
- PA Directive D4/2022, published 21 June 2022
- Identity checked
- 2026-10-07
- Source status
- The official page and 2025 PA AML/CFT communication still identify D4/2022; no directive-specific annual status or express non-replacement notice was located in this bounded search. Keep current-law status unverified and confirm the current Umoja schema with the PA before use.
- Source rights
- Rights status: unverified
23 of 23 collected provisions independently reviewed.
Explore every collected provisionGuidance Note G10/2022: Supervisory guidelines for matters related to the prevention of unlawful activities
Prudential Authority under Banks Act section 6(5)
- Official reference
- Banks Act Guidance Note 10/2022, dated 15 August 2022
- Retained edition
- PA Guidance Note G10/2022, dated 15 August 2022
- Identity checked
- 2026-10-07
- Source status
- PA Guidance Note 1 of 2026 section 2 expressly lists this 2022 Guidance Note as remaining effective for 2026. This does not establish that every recommendation is binding or that later instrument-specific amendments do not exist. Crypto-asset terminology, current licensing perimeter and later FIC/FSCA travel-rule requirements require separate currentness review.
- Source rights
- Rights status: unverified
41 of 41 collected provisions independently reviewed.
Explore every collected provisionGuidance Note G12/2022: Risk management practices concerning proliferation financing risk
Prudential Authority under Banks Act section 6(5)
- Official reference
- Banks Act Guidance Note 12/2022, dated 31 October 2022
- Retained edition
- PA Guidance Note G12/2022, dated 31 October 2022
- Identity checked
- 2026-10-07
- Source status
- PA Guidance Note 1 of 2026 section 2 expressly lists this 2022 Guidance Note as remaining effective for 2026. This does not establish that every recommendation is binding or that later instrument-specific amendments do not exist. PF indicators and cited laws require separate current-law verification; Annexure A is not a live sanctions/designation list.
- Source rights
- Rights status: unverified
80 of 80 collected provisions independently reviewed.
Explore every collected provisionGuidance Note G5/2022: Effective implementation of group controls
Prudential Authority under Banks Act section 6(5)
- Official reference
- Banks Act Guidance Note 5/2022, dated 15 June 2022
- Retained edition
- PA Guidance Note G5/2022, dated 15 June 2022
- Identity checked
- 2026-10-07
- Source status
- PA Guidance Note 1 of 2026 section 2 expressly lists this 2022 Guidance Note as remaining effective for 2026. This does not establish that every recommendation is binding or that later instrument-specific amendments do not exist. Underlying FICA and Bank Regulations duties must be checked separately.
- Source rights
- Rights status: unverified
29 of 29 collected provisions independently reviewed.
Explore every collected provisionG5/2024: Supervisory guidance for matters related to Business Risk Assessments
Prudential Authority under section 6(5) of the Banks Act 94 of 1990
- Official reference
- Banks Act Guidance Note 5/2024, issued under section 6(5) of the Banks Act 94 of 1990; signed 19 November 2024
- Retained edition
- Published 22 November 2024; retained as effective in PA Guidance Note 1 of 2026
- Identity checked
- 2026-10-07
- Source status
- Instrument status is supported by PA Guidance Note 1 of 2026, published 9 March 2026, and the official G5/2024 publication page checked on 7 October 2026. The retained edition's analysis has been independently reviewed. This does not establish post-check changes or the current legal position of every separately cited statute or regulation.
- Source rights
- Rights status: unverified
107 of 107 collected provisions independently reviewed.
Explore every collected provisionGuidance Note G6/2022: Business risk assessments
Prudential Authority under Banks Act section 6(5)
- Official reference
- Banks Act Guidance Note 6/2022, dated 15 June 2022
- Retained edition
- PA Guidance Note G6/2022, dated 15 June 2022
- Identity checked
- 2026-10-07
- Source status
- PA Guidance Note 1 of 2026 section 2 expressly lists this 2022 Guidance Note as remaining effective for 2026. This does not establish that every recommendation is binding or that later instrument-specific amendments do not exist. Guidance Note 5/2024 is also listed as effective and concerns business-risk assessment; overlap and updates to examples require independent review.
- Source rights
- Rights status: unverified
97 of 97 collected provisions independently reviewed.
Explore every collected provisionGuidance Note G7/2022: Correspondent banking risk management practices
Prudential Authority under Banks Act section 6(5)
- Official reference
- Banks Act Guidance Note 7/2022, dated 15 June 2022
- Retained edition
- PA Guidance Note G7/2022, dated 15 June 2022
- Identity checked
- 2026-10-07
- Source status
- PA Guidance Note 1 of 2026 section 2 expressly lists this 2022 Guidance Note as remaining effective for 2026. This does not establish that every recommendation is binding or that later instrument-specific amendments do not exist. Independently check cited standards and later FIC requirements.
- Source rights
- Rights status: unverified
61 of 61 collected provisions independently reviewed.
Explore every collected provisionPrevention of Organised Crime Act 121 of 1998
Parliament of the Republic of South Africa
- Official reference
- Act 121 of 1998
- Retained edition
- Justice-hosted Juta reproduction; currentness unverified
- Identity checked
- Not recorded
- Source status
- Justice-hosted Juta reproduction (PDF created/downloaded 29 May 2025); amendment-history table last lists Act 18 of 2015 with effect from 1 June 2016. Subsequent amendments and commencement have not been reconciled; not represented as current law.
- Source rights
- Rights status: unverified
89 of 89 collected provisions independently reviewed.
Explore every collected provisionProtection of Constitutional Democracy against Terrorist and Related Activities Act, 2004
Parliament of the Republic of South Africa
- Official reference
- Act 33 of 2004, Government Gazette 27266, 11 February 2005; commenced 20 May 2005
- Retained edition
- As enacted in Gazette 27266; not a consolidated current text
- Identity checked
- 2026-10-07
- Source status
- The 2022 Amendment Act and Proclamation 110 of 2022 are separately captured. This corpus preserves the enacted source; provisions altered or repealed in 2022 are marked superseded. No consolidated operative text is claimed and no later-amendment search establishes legal currentness.
- Source rights
- Official Gazette source; no public/commercial reproduction clearance asserted.
30 of 30 collected provisions independently reviewed.
Explore every collected provisionProtection of Constitutional Democracy against Terrorist and Related Activities Amendment Act, 2022
Parliament of the Republic of South Africa
- Official reference
- Act 23 of 2022, Government Gazette 47803, 29 December 2022; commenced 4 January 2023 by Proclamation Notice 110 of 2022, Gazette 47820
- Retained edition
- English text signed by the President; Gazette 47803
- Identity checked
- 2026-10-07
- Source status
- Proclamation 110 establishes commencement. Official catalogue and notice searches found no later amending Act through the Justice notices archive snapshot dated 28 September 2026; this negative search is not a legal completeness certificate. The corpus is source-chain draft, not an official consolidated current text.
- Source rights
- Official Gazette source; no public/commercial reproduction clearance asserted.
29 of 29 collected provisions independently reviewed.
Explore every collected provisionProclamation Notice 110 of 2022: commencement of Act 23 of 2022
President of the Republic of South Africa
- Official reference
- Proclamation Notice 110 of 2022, Government Gazette 47820, 4 January 2023
- Retained edition
- Commencement notice published 4 January 2023
- Identity checked
- 2026-10-07
- Source status
- This source establishes commencement only. It does not establish that no later amendments or commencement instruments exist.
- Source rights
- Official Gazette source; no public/commercial reproduction clearance asserted.
2 of 2 collected provisions independently reviewed.
Explore every collected provision