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.|
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