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


Guidance Note 4 on Suspicious Transaction Reporting

Part 1 - Who Must Report?


1.1 The obligation to report suspicious and unusual transactions under section 29 of the FIC Act applies to a very wide category of persons and institutions. The FIC Act imposes this obligation on any person who:
carries on a business,
is in charge of a business,
manages a business, or
is employed by a business.


1.2 The term "business" is not defined in the FIC Act. The ordinary meaning of the term, within the context of the FIC Act, is that of a commercial activity or institution, as opposed to a charitable undertaking or public sector institution. This means that any person associated with a commercial undertaking as an owner, manager or employee of that undertaking, can become subject to the obligation to report suspicious or unusual transactions.