South African Weather Service Act, 2001
R 385
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)NoticesGuidance Note 4 on Suspicious Transaction ReportingPart 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. |
