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

Regulations

Money Laundering and Terrorist Financing Control Regulations

1. Definitions

 

In these regulations "the Act" means the Financial Intelligence Centre Act, 2001 (Act No 38 of 2001), and, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Act has that meaning, and –

 

"cash threshold report"

means a report which must be submitted by accountable and reporting institutions in terms of section 28 of the Act;

[Definition inserted by regulation 2(a) of Notice No. R. 1062 of 2017]

 

"close corporation"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]

 

"days"

for the purpose of regulation 24, means all days of the week excluding Saturdays, Sundays and public holidays;

[Definition inserted by regulation 2(a) of Notice No. R. 456 of 2005]

 

"foreign company"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]

 

"guidance"

means guidance issued by the Centre in terms of regulation 28;

[Definition substituted by regulation 2(c) of Notice No. R. 1062 of 2017]

 

"identification document"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]

 

"manager"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]

 

"property associated with terrorist and related activities"

means property referred to in section 28A(a) and (b) of the Act;

[Definition inserted by regulation 2(b) of Notice No. R. 456 of 2005]

 

"reporter"
(a) an accountable institution or reporting institution making a cash threshold report under section 28 of the Act as contemplated in regulation 22C;
(b) an accountable institution making a terrorist property report under section 28A of the Act as contemplated in regulation 22A; and
(c) a natural or legal person making a suspicious or unusual transaction report, suspicious or unusual activity report, terrorist financing transaction report of terrorist financing activity report, under section 29 of the Act as contemplated in regulations 23, 23A, 23B or 23C, or other entity on whose behalf such a report is made;

[Definition inserted by regulation 2(d) of Notice No. R. 1062 of 2017]

 

"South African company"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]

 

"suspicious or unusual transaction or series of transactions"

[Definition deleted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"suspicious or unusual activity report"

means a report which must be submitted—

(a) in terms of section 29(1) of the Act in respect of the proceeds of unlawful activities or money laundering where the report relates to an activity which does not involve a transaction between two or more parties; or
(b) in terms of section 29(2) of the Act in respect of a transaction or a series of transactions about which inquiries are made, but which has not been concluded;

[Definition inserted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"suspicious or unusual transaction report"

means a report which must be submitted in terms of section 29(1) of the Act in respect of the proceeds of unlawful activities or money laundering where the report relates to a transaction or series of transactions between two or more parties;

[Definition inserted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"terrorist financing activity report"
(a) in terms of section 29(1) of the Act in respect of the financing of terrorism and related activities where the report relates to an activity which does not involve a transaction between two or more parties, or
(b) in terms of section 29(2) of the Act in respect of a transaction or a series of transactions about which inquiries are made, but which has not been concluded;

[Definition inserted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"terrorist financing transaction report"

means a report which must be submitted in terms of section 29(1) of the Act in relation to the financing of terrorism and related activities where the report relates to a transaction or series of transactions between two or more parties;

[Definition inserted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"terrorist property report"

means a report which must be submitted in terms of section 28A of the Act;

[Definition inserted by regulation 2(e) of Notice No. R. 1062 of 2017]

 

"the Amendment Act"

means the Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008);

[Definition inserted by regulation 2 of Notice No. 1107 of 2010]

 

"trust"

[Definition deleted by regulation 2(b) of Notice No. R. 1062 of 2017]