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Table of Contents
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Notice No. 1262 of 2001
Act
1. Definitions
1A. Application of Act when in conflict with other laws
Chapter 1 : Financial Intelligence Centre
2. Establishment
3. Objectives
4. Functions
5. General powers
6. Appointment of Director
7. Removal from office
8. Acting Director
9. Proof of appointment
10. Responsibilities of Director
11. Staff
12. Security screening of staff of Centre other than Director
13. Security screening of Director of Centre
14. Funds and financial year of Centre
15. Audit
16. Delegation
[Repealed] Chapter 2 : Counter-Money laundering advisory Council
17. [Repealed] Establishment
18. [Repealed] Functions
19. [Repealed] Composition
20. [Repealed] Meetings and procedure
Chapter 3 : Control Measures for Money Laundering and Financing of Terrorist and Related Activities - Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures
Part 1 : Customer due diligence
20A. Anonymous clients and clients acting under false or fictitious names
21. Identification of clients and other persons
21A. Understanding and obtaining information on business relationship
21B. Additional due diligence measures relating to legal persons, trusts and partnerships
21C. Ongoing due diligence
21D. Doubts about veracity of previously obtained information and when reporting suspicious and unusual transactions
21E. Inability to conduct customer due diligence
21F. Foreign politically exposed person
21G. Domestic politically exposed person and prominent influencial person
21H. Family members and known close associates
Part 2 : Duty to keep record
22. Obligation to keep customer due diligence records
22A. Obligation to keep transaction records
23. Period for which records must be kept
24. Records may be kept in electronic form and by third parties
25. Admissibility of records
26. [Repealed] Centre's access to records
Part 2A : Financial sanctions
26A. Notification of persons and entities identified by Security Council of the United Nations
26B. Prohibitions relating to persons and entities identified by Security Council of the United Nations
26C. Permitted financial services and dealing with property
Part 3 : Reporting duties and access to information
27. Accountable institutions to advise Centre of clients
27A. Powers of access by authorised representative to records of accountable institutions
28. Cash transactions above prescribed limit
28A. Property associated with terrorist and related activities
29. Suspicious and unusual transactions
30. Conveyance of cash to or from Republic
31. Electronic transfers of money to or from Republic
32. Reporting procedures and furnishing of additional information
33. Continuation of transactions
34. Intervention by Centre
35. Monitoring orders
36. Information held by supervisory bodies and South African Revenue Service
37. Reporting duty and obligations to provide information not affected by confidentiality rules
38. Protection
39. Admissibility as evidence of reports made to Centre
40. Access to information held by Centre
41. Protection of confidential information
41A. Protection of personal information
Part 4 : Measures to promote compliance by accountable institutions
42. Risk Management and Compliance Programme
42A. Governance of anti-money laundering and counter terrorist financing compliance
42B. Consultation process for issuing guidance
43. Training relating to anti-money laundering and counter terrorist financing compliance
43A. Directives
43B. Registration by accountable institution and reporting institution
Part 5 : Referral and supervision
44. Referral of suspected offences to investigating authorities and other public bodies
45. Responsibility for supervision of accountable institutions
Chapter 4 : Compliance and Enforcement
45A. Appointment of inspectors
45B. Inspections
45C. Administrative sanctions
45D. Appeal
45E. Establishment of appeal board
45F. Application to court
46. Failure to identify persons
46A. Failure to comply with duty in regard to customer due diligence
47. Failure to keep records
48. Destroying or tampering with records
49. Failure to give assistance
49A. Contravention of prohibitions relating to persons and entities identified by Security Council of United Nations
50. Failure to advise Centre of client
51. Failure to report cash transactions
51A. Failure to report property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council Nations Security Council
52. Failure to report suspicious or unusual transactions
53. Unauthorised disclosure
54. Failure to report conveyance of cash or bearer negotiable instrument into or out of Republic
55. Failure to send report to Centre
56. Failure to report electronic transfers
57. Failure to comply with request
58. Failure to comply with directives
59. Failure to comply with monitoring order
60. Misuse of information
61. Failure to formulate and implement internal rules
61A. Failure to register with Centre
61B. Failure to comply with duty in regard to governance
62. Failure to provide training or appoint compliance officer
62A. Offences relating to inspection
62B. Hindering or obstructing appeal board
62C. Failure to attend when summoned
62D. Failure to answer fully or truthfully
62E. Failure to comply with directives of Centre or supervisory body
63. Obstructing of official in performance of functions
64. Conducting transactions to avoid reporting duties
65. Unauthorised access to computer system or application or data
66. Unauthorised modification of contents of computer system
67. Definitions
68. Penalties
69. Defences
70. Search, seizure and forfeiture
71. Jurisdiction of courts
Chapter 5 : Miscellaneous
72. Act not to limit powers of investigating authorities or supervisory bodies
73. Amendment of list of accountable institutions
74. Exemptions for accountable institutions
75. Amendment of list of supervisory bodies
76. Amendment of list of reporting institutions
77. Regulations
77A. Arrangements for consultations with stakeholders
78. Indemnity
79. Amendment of laws
79A. Amendment of list of domestic politically exposed persons
79B. Amendment of list of foreign politically exposed persons
79C. Amendment of list of prominent influential persons
80. Status of footnotes
81. Transitional arrangements
82. Short title and commencement
Schedules
Schedule 1 : List of Accountable Institutions
Schedule 2 : List of Supervisory Bodies
Schedule 3 : List of Reporting Institutions
Schedule 3A : Domestic Politically Exposed Person
Schedule 3B : Foreign Politically Exposed Person
Schedule 3C : Prominent Influential Person
Schedule 4 : Amendment of sections of Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998)
Regulations
Money Laundering and Terrorist Financing Control Regulations
Notice No. R. 1595 of 2002
1. Definitions
1A. Prescribed amount of a single transaction
[Repealed] Chapter 1 : Establishment and verification of identity
[Repealed] Part 1 : Introduction
2. [Repealed] Introductory
[Repealed] Part 2 : Natural Persons
3. [Repealed] Information concerning South African citizens and residents
4. [Repealed] Verification of information concerning South-African citizens and residents
5. [Repealed] Information concerning foreign nationals
6. [Repealed] Verification of information concerning foreign nationals
[Repealed] Part 3 : Legal Persons
7. [Repealed] Information concerning close corporations and South African companies
8. [Repealed] Verification of information concerning close corporations and South African compa
9. [Repealed] Information concerning foreign companies
10. [Repealed] Verification of information concerning foreign companies
11. [Repealed] Information concerning other legal persons
12. [Repealed] Verification of information concerning other legal persons
[Repealed] Part 4 : Partnerships
13. [Repealed] Information concerning partnerships
14. [Repealed] Verification of information concerning partnerships
[Repealed] Part 5 : Trusts
15. [Repealed] Information concerning trusts
16. [Repealed] Verification of information concerning trusts
[Repealed] Part 6 : General
17. [Repealed] Additional requirements when person acts on authority of another
18. [Repealed] Verification in absence of contact person
19. [Repealed] Accountable institution maintain correctness of particulars
Chapter 2 : Record-Keeping
20. Particulars of third parties keeping records
[Repealed] Chapter 3 : Client Profile
21. [Repealed] Information to identify proceeds of unlawful activities or money laundering acti
Chapter 4 : Reporting
22. Manner of reporting
22A. Information to be reported concerning a terrorist property report
22B. Prescribed amount for cash transaction reporting
22C. Information to be reported concerning a cash threshold report
23. Information to be reported
23A. Information to be reported concerning a suspicious or unusal activity report
23B. Information to be reported concerning a terrorist financing transaction report
23C. Information to be reported concerning a terrorist financing activity report
23D. Prescribed amount for the reporting of an international funds transfer report
23E. Information to be reported concerning an international funds transfer report
24. Period for reporting
24A. Manner in which and period within additional information to be furnished
Chapter 5 : Measures to Promote Compliance and Appeals
25. [Repealed] Internal rules concerning establishment and verification of identities
26. [Repealed] Internal rules concerning the keeping of records
27. [Repealed] Internal rules concerning reporting of information
27A. Period for and manner of registration by accountable institutions and reporting institutions
27B. Period within and manner in which supervisory body must submit written report to Centre
27C. Manner In which appeal is to be lodged and payment of fee
27D. Criteria for supervisory body to request information relating to a report made in terms of section 29
Chapter 6 : Miscellaneous
28. Guidance
29. Offences and penalties and admnistrative sanctions for non-compliance
30. Title and commencement
Annexure
Form 1 - Suspicious or Unusual Transaction Report [Deleted]
Exemptions
Interpretation - Definitions
Part 1 : General Exemptions
Part 2 : Exemptions for insurance and investment providers
Part 3 : Exemptions for members of Exchanges
Part 4 : Exemptions for attorneys and administrators of property
Part 5 : Exemptions for estate agents
Part 6 : Exemptions for gambling institutions
Part 7 : Exemptions for banks
Part 8 : Miscellaneous
Exchanges recognised for purposes of the exemption in respect of public companies the securities of which are listed on a stock exchange
Notices
Second Reporting Exemption in terms of the Financial Intelligence Centre Act, 2001
Notice No. R. 1354 of 2004
Third Reporting Exemption in terms of the Financial Intelligence Centre Act, 2001
Notice No. 1035 of 2006
Exemption in Terms of Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Notice No. R. 454 of 2010
1. Definitions
2. Exemption from Regulations made under Act 38 of 2001
Exemption in Terms of Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Notice No. 471 of 2010
1. Definitions
2. Exemption from Regulations made under Act 38 of 2001
Exemption in Terms of Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)
Notice No. 560 of 2010
1. Definitions
2. Exemption from Regulations made under Act 38 of 2001
Notice of Adoption of Resolution on Haiti by Security Council of United Nations
Notice No. 2691 of 2022
Commencements
Commencement of Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)
Notice No. 563 of 2017
Commencement of Sections 31 and 56 of Financial Intelligence Centre Act, 2001
Proclamation 111 of 2023
Directives
Directive for conduct within the national payment system in respect of the Financial Action Task Force Recommendations for electronic funds transfers - Effective 15 August 2022
Directive No. 1 of 2022
Notice No. 2291 of 2022
1. Purpose
2. Definitions
3. Scope of this directive
4. Directive
5. Compliance declarations and inspections
6. Effective date and non-compliance
7. Conclusion
Guidance Notes
Guidance Note 2
Guidance to Financial Services Industries regulated by the Financial Services Board concerning the meaning of the word "Transaction"
Notice No. 735 of 2004
1. Introduction
2. Meaning of "transaction" in relation to client identification duties
3. Examples of transactions
Guidance Note 3
Guidance for Banks on Customer Identification and Verification and Related Matters
Notice No. 715 of 2005
Preface
Anti-Money Laundering and Terrorist Financing Policies and Procedures
1. Board approval of a bank's anti-money laundering and terrorist financing policies
2. Implementation of Guidance Note 1 in respect of a risk-based approach
3. Risk indicators to be used to differentiate between clients
4. Client profiling procedures for high risk clients
5. Client acceptance policies
Establishing and Verifying Identities
Natural Persons - South African Citizens and Residents
6. Clarification of an official identity document
7. Clarification of whether the address slip found in identity documents
8. Alternate means of verification if identity document has been lost or stolen
9. Acceptable KYC procedures for non face-to-face verification
10. Status of "faxed copies"
11. Examples of acceptable documentation to verify residential address of natural per
12. Acceptable documents for third party verification
13. Legal incapacity
14. Ongoing client detail maintenance
Natural Persons - Foreign Nationals
15. Identification and verification
Legal Entities
16. Identification and verification of subsidiaries of listed companies
17. Identification and verification of pension and provident funds
18. Identification and verification of "off the shelf" companies
Partnerships
19. The definition of a partnership
20. Clarification of partnership agreements and whether all partners in a partnership
Trusts
21. Identification of trusts
22. Identification and verification of each trustee of a trust
Organs of State including Government Departments
23. Identification and verification of Government departments and organs of state
International Standards and Best Banking Practice
24. Extent to which international standards
Politically Exposed Persons (PEPs)
25. Definition of a politically exposed person (PEP)
26. Treatment of PEPS in relation to other high-risk clients
27. Policies for dealing with PEPs
Correspondent Banks
28. Measures that need to be put in place in respect of correspondent banking relatio
Exemptions
29. Clarification of Exemption 5 - foreign clients
30. Clarification of the difference between Exemptions 5 and 16
Glossary
Guidance Note 4
Suspicious Transaction Reporting
Notice No. 301 of 2008
Preface
Glossary
Introduction
Part 1 - Who Must Report?
Part 2 - What Gives Rise to the Obligation to Report?
Part 3 - What is the Nature of a Suspicion?
Part 4 - Indicators of Suspicious and Unusual Transactions
Part 5 - What are the Implications of making a STR?
Part 6 - Process for Submitting STRs to the Centre
"reporting institution"
means a person referred to in
Schedule 3
;
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