Illustrative firm examples
South Africa country research brief
Research dated 2026-10-09 · Reviewed 2026-10-09
Version ab068890dd58
ab068890dd58311b81863b96f4caea9aff4b7923a8081e7e4572002f4b8f8241Scope: Illustrative firm examples. The selector is not an authorisation or legal-applicability determination. Source-check observations concern retrieval/access only and do not establish legal currentness; the research date is the content date boundary. Source health: review-required, checked 2026-10-12T05:11:10.999Z.
Legal and supervisory framework
Who is covered and who oversees
The Financial Intelligence Centre Act, 2001 (FICA) applies accountable-institution duties to Schedule 1 persons and activities, not every business. It includes banks (item 6), mutual/co-operative banks (7/7A), specified financial-services providers, money/value-transfer providers (19), crypto asset service providers (22), clearing-system participants (23) and designated non-financial businesses. The Financial Intelligence Centre (FIC) receives intelligence and reports. Section 45(1) and Schedule 2 allocate supervision, including the Reserve Bank's Prudential Authority (PA) for banks and Financial Sector Conduct Authority (FSCA) for covered sectors. Check the legal person, activity and supervisor; product labels alone do not establish coverage.
Customer checks and ongoing review
Customer due diligence (CDD) checks identity and authority at relationship entry or a single transaction; sections 20A/21 prohibit anonymous/fictitious relationships. Sections 21A-21B add purpose/funding-source information and relevant entity, trust and partnership ownership/control checks. Section 21C requires ongoing transaction review and current identification information. Under s21E, inability to complete CDD prohibits the applicable relationship/transaction or requires terminating an existing relationship under the compliance programme; consider a s29 report. Keep s21C(2)'s conditional anti-tipping-off route separate. Sections 21F-21H distinguish foreign politically exposed persons (PEPs) from domestic PEPs/prominent influential persons (PIPs); domestic enhanced measures depend on a higher-risk prospective relationship.
Controls, records and retention
Section 42 requires an implemented Risk Management and Compliance Programme (RMCP) covering money laundering, terrorist financing and proliferation financing risks, services, customer checks, monitoring, reporting, records, PEP measures and foreign operations. The board/highest authority approves it and it is regularly reviewed; ss42A-43 address governance/training. Sections 22-22A cover customer-check and transaction records. Section 23 generally sets separate minimum five-year clocks: relationship records from termination, transaction records from conclusion, and s29 report-related records from submission. Apply the correct category/start event and check other retention law separately.
Reporting and sanctions duties
Sections 28, 28A, 29 and 31 create separate cash, terrorist/sanctions-property, suspicious-activity and cross-border electronic money-transfer reports meeting statutory triggers. Reporters/deadlines differ; check regulation 24 and specific rules. Since 1 July 2026, GN R.7577 adds a separate s30 border cash/bearer-instrument reporting route; do not merge it with ss28/29/31. Sections 26A-26C give effect to applicable United Nations Security Council sanctions resolutions and set prohibitions/permission; s28A adds reporting. Check current South African law and notices against official sources.
Risk and external measures
FATF status and assessment distinction
The Financial Action Task Force (FATF) 2021 Mutual Evaluation is the historical baseline referenced by the retained November 2024 follow-up, not itself retained here. That follow-up references a 2023 report; no later follow-up is validated. It upgraded Recommendations 2, 6 and 15: 5 Compliant, 32 Largely Compliant, 2 Partially Compliant; Recommendation 17 Not Applicable. It did not assess effectiveness. Treasury's 24 October 2025 exit statement is historical. South Africa is absent from FATF's 19 June 2026 list, read but not archived. Status on 9 October 2026 is unconfirmed; absence does not mean low/no risk.
National terrorist-financing findings
The 24 June 2024 national TF assessment raised risk from moderate (2022) to high. It notes cash-heavy informal activity, transfer/remittance channels, some NPO activity, fintech/crypto and proceeds-generating crime as vulnerabilities; these describe context, not proof about a person, community or corridor. It also recognises cross-border cash flows are generally legitimate, mainly remittances. This is not a customer risk score.
Banking-sector assessment
The PA's December 2025 assessment covers 2022-24 and rates bank cohorts, not individual firms or customers. It reports high inherent ML risk for large, medium and small domestic banks and separately assesses TF/PF, including high inherent exposure for large banks. These dated sector findings do not replace a bank's own current assessment or set risk for every account, product or payment.
Sanctions are regime-specific
FIC's 2023 manual describes the targeted financial sanctions (TFS) list as reproducing the United Nations consolidated list under FICA ss26A-26C. The retained portal is only an empty shell, not notice/designation data. UK rules reach UK persons/territory; EU measures EU persons/jurisdiction; U.S. Office of Foreign Assets Control scope depends on U.S. persons, territory and programme rules. Assess each party/transaction's connection to the relevant regime. These sources do not establish country-wide sanctions against South Africa or exclude designations against individual South African parties.
Selected firm implications
Meaning: Identify and verify the client and any person acting for or on its behalf.
Conditions: Accountable institution at business-relationship entry or a single transaction.
Suggested action: Verify client and representative identity/authority at entry.
Legislation / Binding · Section 21Meaning: Promptly report qualifying international funds transfers after the prescribed trigger.
Conditions: Accountable institution electronically sends/receives cross-border funds for another; prescribed limit and awareness trigger apply.
Suggested action: Test the qualifying cross-border electronic-transfer trigger; not every payment is reportable.
Legislation / Binding · Section 31Meaning: Ordering crypto asset service providers must identify and check the receiving provider before transmitting specified information.
Conditions: Schedule 1 item 12/22 institution acts as ordering crypto asset service provider under Directive 9 section 3.
Exceptions: Prior checks are counterpart-specific; repeat on suspicion and refresh periodically or on emerging risk.
Suggested action: Check the recipient provider before sending required transfer data.
Directive / Binding · Directive 9, paragraph 4.7Notices and limitations
- Illustrative bank, payments and crypto examples, not an assessed firm profile.
- Product/customer exposure alone is not statutory applicability. This is not a licensing guide.
- Local entity / domestic activity selected.
- 3 representative obligations from 14 editorial matches; see the full register for other duties.
- Source observations are unavailable, stale, failed or review-required. This dated brief does not confirm today's legal position.
- This is bounded research orientation, not legal advice, full legal certification or a firm-specific risk assessment.
- Currentness is limited to cited editions and named 2026 amendments; no exhaustive later-law or complete designation audit was established.
- Risk evidence is dated and national/sector-level; FATF status or absence from a list does not mean low or no risk.
- Hashes establish captured bytes only; reproduction rights remain unverified.
Evidence sources
Original source documents are not reproduced in this brief. Retained originals are private research evidence; use the official-source links.
- Legislation · Financial Intelligence Centre · FIC consolidation, 25 October 2023; later law not fully reconciled · Act 38/2001, ss. 1, 20A-24, 26A-26C, 28-31, 42-43B, 45(1); Schedules 1-2
- Regulations · Financial Intelligence Centre · FIC consolidation, 1 February 2023; separate GN R.7577/2026 also cited · GN R.1595/2002, regs. 1 (day definition), 23D, 24; regs. 3-7 omitted
- Gazette · Republic of South Africa, Government Gazette · Government Gazette 47883, 20 January 2023; effective 1 February 2023 · GN 2943, Gazette pp. 435-442 / PDF pp. 1-8; clause 6 commencement
- Legislation · Republic of South Africa, Government Gazette · Act 22/2022; staged commencement 31 December 2022 / 1 April 2023 · Act 22/2022, ss. 18, 22-27, 39, 66; commencement dates separately web-checked
- Mutual Evaluation Follow Up · Financial Action Task Force, hosted by National Treasury · FATF report adopted September 2024; published November 2024 · Printed pp. 1, 18-21 / PDF pp. 3, 20-23; technical compliance only
- Official Status Statement · National Treasury, hosted by the Financial Intelligence Centre · Treasury statement, 24 October 2025 · PDF pp. 1-2: historical FATF exit and follow-up context
- Gazette · Republic of South Africa, Government Gazette · Government Gazette 54820; effective 1 July 2026 · Clause 8; regs. 21A, 22(3), 23F-23G, 24(6), 29(6O): separate s. 30 route
- National Risk Assessment · Financial Intelligence Centre / AML-CFT NRA Inter-Departmental Working Group · 24 June 2024 · pp. 3, 5-8; overall TF risk and identified threats/vulnerabilities
- Sector Risk Assessment · South African Reserve Bank Prudential Authority · December 2025; assessment period January 2022-December 2024 · Executive summary pp. 2-4; risk tables pp. 103-106
- Official Sanctions Portal · Financial Intelligence Centre · HTML portal shell, 9 October 2026; no designation data · Empty notices table; populated notices/designations not retained
- Official Guidance · Financial Intelligence Centre · October 2023 guidance · Printed p. 7: reproduction of the UN consolidated list
- Directive · Financial Intelligence Centre · GN 5543 / Gazette 51556, 15 November 2024; effective 30 April 2025 · Paras. 3, 4.7, 6.5: provider roles, transfer-data checks and recipient policies
- Official Sanctions Guidance · Office of Financial Sanctions Implementation, HM Treasury · Official general guidance captured 9 October 2026 · Section 1.4: UK territorial and UK-person scope
- Official Sanctions Guidance · European Commission · Official Commission page captured 9 October 2026 · Where do EU sanctions apply? EU-person and territorial scope
- Official Sanctions Guidance · U.S. Department of the Treasury, Office of Foreign Assets Control · FAQ 11, updated 21 August 2024; captured 9 October 2026 · FAQ 11; U.S.-person, territorial, entity and program-specific scope
Financial Intelligence Centre Act, 2001 (Act 38 of 2001), FIC consolidation dated 25 October 2023
FIC consolidation, 25 October 2023; later law not fully reconciled · Act 38/2001, ss. 1, 20A-24, 26A-26C, 28-31, 42-43B, 45(1); Schedules 1-2
Source record
Retrieved 2026-10-07T15:24:52Z. SHA-256: 9604b028def178b4ad0ffb908882558a99a85372e743dd8d25ae471359a2b41a
Source retrieval check
observed · Checked 2026-10-12T05:10:35.684Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Money Laundering and Terrorist Financing Control Regulations, consolidation as at 1 February 2023
FIC consolidation, 1 February 2023; separate GN R.7577/2026 also cited · GN R.1595/2002, regs. 1 (day definition), 23D, 24; regs. 3-7 omitted
Source record
Retrieved 2026-10-07T15:24:54Z. SHA-256: 544e5eab7574400e81a114d3c99dd2bacc1c4e0411c5b2f4c83b00c94a5b2050
Source retrieval check
observed · Checked 2026-10-12T05:10:37.761Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Government Notice 2943 of 2023 amending the MLTFC Regulations
Government Gazette 47883, 20 January 2023; effective 1 February 2023 · GN 2943, Gazette pp. 435-442 / PDF pp. 1-8; clause 6 commencement
Source record
Retrieved 2026-10-07T15:24:55Z. SHA-256: 0c7ae293b870f5b44697d0f17377e812b71b344c6e0b288af818feae7f42530f
Source retrieval check
failed · Checked 2026-10-12T05:10:39.338Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022
Act 22/2022; staged commencement 31 December 2022 / 1 April 2023 · Act 22/2022, ss. 18, 22-27, 39, 66; commencement dates separately web-checked
Source record
Retrieved 2026-10-07T15:21:53Z. SHA-256: e248de8a93cc695bda921507eab326c9ab43ddf28948e991ff763aa75c27e57e
Source retrieval check
observed · Checked 2026-10-12T05:10:40.408Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Anti-money laundering and counter-terrorist financing measures: South Africa, 3rd Enhanced Follow-Up Report and Technical Compliance Re-Rating
FATF report adopted September 2024; published November 2024 · Printed pp. 1, 18-21 / PDF pp. 3, 20-23; technical compliance only
Source record
Retrieved 2026-10-09T19:56:49Z. SHA-256: 4d05892f57f3f620ecd701600ec659498d734c5539d6b46b88482d261f45a286
Source retrieval check
observed · Checked 2026-10-12T05:10:42.133Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
South Africa exits the FATF greylist on 24 October 2025
Treasury statement, 24 October 2025 · PDF pp. 1-2: historical FATF exit and follow-up context
Source record
Retrieved 2026-10-09T19:56:27Z. SHA-256: d1e99ab826a6820e6d184fd94f5447b46c68d5ea5076eba66cc288f0d7ceabc8
Source retrieval check
observed · Checked 2026-10-12T05:10:45.153Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Money Laundering and Terrorist Financing Control Regulations Amendment, GN R.7577 of 2026
Government Gazette 54820; effective 1 July 2026 · Clause 8; regs. 21A, 22(3), 23F-23G, 24(6), 29(6O): separate s. 30 route
Source record
Retrieved 2026-10-07T18:08:42Z. SHA-256: 60b8592ba45b9120a053d6ef06efda1e96fdd5fb23b90d233b81c0b5434b0aac
Source retrieval check
observed · Checked 2026-10-12T05:10:46.729Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
South African National Terrorism Financing Risk Assessment
24 June 2024 · pp. 3, 5-8; overall TF risk and identified threats/vulnerabilities
Source record
Retrieved 2026-10-09T19:52:50Z. SHA-256: abaab492b5291ebc71ec09bcb977ad96783df044a62fc686a8870f4b36ea8da3
Source retrieval check
observed · Checked 2026-10-12T05:10:48.103Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Money Laundering, Terrorist Financing and Proliferation Financing Sector Risk Assessment for the South African Banking Sector
December 2025; assessment period January 2022-December 2024 · Executive summary pp. 2-4; risk tables pp. 103-106
Source record
Retrieved 2026-10-09T19:53:00Z. SHA-256: 7be9417bbe9e49087e1f0104b9276b92d28d4ec214f940f5fd515d185b2e0cb5
Source retrieval check
observed · Checked 2026-10-12T05:10:49.504Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Targeted Financial Sanctions portal shell
HTML portal shell, 9 October 2026; no designation data · Empty notices table; populated notices/designations not retained
Source record
Retrieved 2026-10-09T19:53:43Z. SHA-256: 92e708b389ceace07f190f6f0778c90829437de86d0a3fc546a88a0a09400fd2
Source retrieval check
review-required · Checked 2026-10-12T05:10:59.906Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Targeted Financial Sanctions Manual
October 2023 guidance · Printed p. 7: reproduction of the UN consolidated list
Source record
Retrieved 2026-10-09T19:53:45Z. SHA-256: e45d3a5b04dd95e98e0a635f710725b91ecc120072f8fce025f9ea595a79bbeb
Source retrieval check
observed · Checked 2026-10-12T05:11:02.717Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Directive 9 concerning the implementation of the Travel Rule relating to crypto asset transfers
GN 5543 / Gazette 51556, 15 November 2024; effective 30 April 2025 · Paras. 3, 4.7, 6.5: provider roles, transfer-data checks and recipient policies
Source record
Retrieved 2026-10-07T10:02:19Z. SHA-256: 6494e47d8747204a515311a2f794d8a2e6b9b1cf153c657b7eb2738bce5598ff
Source retrieval check
observed · Checked 2026-10-12T05:11:07.543Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
UK financial sanctions general guidance
Official general guidance captured 9 October 2026 · Section 1.4: UK territorial and UK-person scope
Source record
Retrieved 2026-10-09T20:24:30.136Z. SHA-256: 254c2891db0f511d40d8bf862d92954c08469ae8c7f720dbd9b613b551e9c230
Source retrieval check
review-required · Checked 2026-10-12T05:11:09.119Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Overview of sanctions and related resources
Official Commission page captured 9 October 2026 · Where do EU sanctions apply? EU-person and territorial scope
Source record
Retrieved 2026-10-09T19:54:30Z. SHA-256: 84d90e3b6d3d7ca27c33d98783660ea6e86c7f837a8006418763b4e96dab98c4
Source retrieval check
observed · Checked 2026-10-12T05:11:10.135Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
OFAC Consolidated Frequently Asked Questions
FAQ 11, updated 21 August 2024; captured 9 October 2026 · FAQ 11; U.S.-person, territorial, entity and program-specific scope
Source record
Retrieved 2026-10-09T19:54:40Z. SHA-256: 92cfe8932dd817a5c2371d265ae1ecbaf62970f798c0d5c6ab77fd96897e0e99
Source retrieval check
review-required · Checked 2026-10-12T05:11:10.999Z
A retrieval check is an access observation only; it does not establish legal currentness. Research content date boundary: 2026-10-09.
This brief relies on the identified official source edition. Open it using the official-source control.
Retail bank
Meaning
Identify and verify the client and any person acting for or on its behalf.
Full public provision explanation
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.
Suggested action
Verify client and representative identity/authority at entry.
Conditions
Accountable institution at business-relationship entry or a single transaction.
- 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.
Payments and e-money
Meaning
Promptly report qualifying international funds transfers after the prescribed trigger.
Full public provision explanation
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.
Suggested action
Test the qualifying cross-border electronic-transfer trigger; not every payment is reportable.
Conditions
Accountable institution electronically sends/receives cross-border funds for another; prescribed limit and awareness trigger apply.
- 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.
Crypto and digital assets
Meaning
Ordering crypto asset service providers must identify and check the receiving provider before transmitting specified information.
Full public provision explanation
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.
Suggested action
Check the recipient provider before sending required transfer data.
Conditions
Schedule 1 item 12/22 institution acts as ordering crypto asset service provider under Directive 9 section 3.
- 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
Prior checks are counterpart-specific; repeat on suspicion and refresh periodically or on emerging risk.