The Financial Intelligence Centre

The Financial Intelligence Act has been effective from 3 December 2001 which directed the establishment of the Centre. The Financial Intelligence Centre (FIC) was subsequently established in 2003 as the national centre for the gathering and analysis of financial data. FIC in response to recommendations made by FATF has amended the FIC Act.

The Minister of Finance amended Schedules 1, 2 and 3 to the FIC Act with effect from 19 December 2022. The amendments were done in terms of sections 73,75 and 76 of the FIC Act which gives the minister power to amend the list of accountable institutions, the list of supervisory bodies and the list of reporting institutions, respectively.

Schedule 1 to the FIC Act has been amended, whereby accountable institutions, have been included to bring in new categories of businesses. Certain items have been amended to either widen current items or cater for technical amendments. All reporting institutions listed in Schedule 3 of the FIC Act have been deleted.

The FIC is responsible for providing guidance and training relating to the FIC Act.

Document	Organisation	Topics address	Date Issued
SAICA comment letter: The FIC Draft Sector Risk Assessment	SAICA	SAICA submitted its context based comments to FIC to ensure the SRA is practical and implementable while seeking to continue collaborating with the FIC	23 November 2023
The FIC Final PCC 6A	FIC	Guidance for accountants on who meets the definition of accountable institutions and who needs to register with the FIC
FATF June 2023 meeting outcomes	FATF	June 2023 meeting outcome	26 June 2023
Summary of FIC guidance and consideration when classified as an Accountable Institution	SAICA	SAICA prepared a summary of FIC guidance and other considerations, including compliance obligations and guidance to assist in advising clients	2 May 2023
Amendment of Schedule 1, 2 and 3 of the Financial Intelligence Centre (FIC) Act	National Treasury	Schedule 1: List of Accountable Institutions Schedule 2: List of Supervisory Bodies Schedule 3: List of Reporting Institutions	29 November 2022
Frequently asked questions on Schedule amendments	Financial Intelligence Centre	FAQs dealing with why the changes were made and how the changes will impact money laundering
Reference Guide for all Accountable Institutions	Financial Intelligence Centre	What is the Financial Intelligence Centre What is money laundering, terrorist financing and proliferation financing Amendments to the FIC Schedules Obligations for Accountable Institutions How do Accountable Institutions Register with the FIC What is Risk-Based Approach, Risk Assessment and Compliance Programme Customer due-diligence Politically exposed persons Target Financial Sanctions Transaction monitoring Regulatory Reports submitted to the FIC Guidance issued by FIC	15 December 2022
International Funds Transfer Reports User Guide	Financial Intelligence Centre	Steps to be followed when an Accountable Institution submits an International Fund Transfer Report (IFTR)	February 2023
Draft Public Compliance Communication 6A – Guidance on Trust and Company Service Providers for the purpose of Schedule 1 on the FICA	Financial Intelligence Centre	Definition of Trust and Company Service Providers	15 December 2023
Guidance note 7	Financial Intelligence Centre	Implementation of various aspect of FIC	2 October 2017
Guidance on Registration with the FIC	Financial Intelligence Centre	Why, when and how to Register with the FIC
Guidance on submission of Regulatory Reports to the FIC	Financial Intelligence Centre	Cash threshold reports (CTR) Suspicious and unusual transaction reports Terrorist property reports (TPR)
Guidance on Implementation of a Risk-based approach	Financial Intelligence Centre	Customer due diligence Transaction monitoring Additional requirements when dealing with corporate clients Identifying politically exposed persons
Guidance on development of a Risk Management and Compliance Programme (RMCP)	Financial Intelligence Centre	What is a RMCP Who must have RMCP Why is RMCP necessary How does a RMCP work
Guidance on Record keeping	Financial Intelligence Centre	Record keeping
Guidance on appointing person responsible for compliance	Financial Intelligence Centre	Appointment of Compliance Officer
Guidance on training employees on FIC compliance	Financial Intelligence Centre	Tools available to train employees on compliance with FIC
Directive 6 of 2023 - Submission of a risk and compliance return to the Financial Intelligence Centre by by specified accountable institutions that are designated non-financial businesses and professions	Financial Intelligence Centre	Designated non-financial businesses and professions listed in Schedule 1 to the FIC Act must submit informaiton regarding their understanding of money laundering, terrorist financing and proliferation financing to the FIC by 31 May 2023	31 March 2023
Directive 7 of 2023 - Submission of a risk and compliance return to the Financial Intelligence Centre by by specified accountable institutions	Financial Intelligence Centre	Accountable institution listed in items 11, 14, 20, 21 and 22 of Schedule 1 to the FIC Act must submit information regarding their understanding of money laundering, terrorist financing and proliferation financing to the FIC by 31 July 2023	31 March 2023
Directive 8 - Screening of employees for competence and integirty and scrutinising if employee informaiton against applicable targeted financial sanctions lists as a money laundering, terrorist financing and proliferaton financing control measure	Financial Intelligence Centre	This Directive is to require accountable institutions to screen prospective employees and current employees for competence and integrity, as well as to scrutinise employee information against the targeted financial sanctions lists, in order to identify, assess, monitor, mitigate and manage the risk of money laundering, terrorist financing and proliferation financing	31 March 2023