FIC Releases Draft Guidance Note 7B on FICA Implementation

Posted 06 July 2026 Written by Acts Online
Category Compliance

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has published Draft Guidance Note 7B, which proposes technical updates to the implementation of various compliance obligations under the Financial Intelligence Centre Act, No. 38 of 2001.

In terms of section 42B of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the FIC issued Draft Guidance Note 7B (GN 7B) for consideration by accountable institutions, supervisory bodies, and other affected parties. The draft document provides technical updates to Chapter 1 of the Revised Guidance Note 7A, which was dated 1 September 2025 and replaced both Guidance Note 7A (issued 13 February 2025) and the original Guidance Note 7.

The primary amendments introduced in Draft Guidance Note 7B include:

  • Proliferation Financing Integration: Explicit references to proliferation financing have been incorporated throughout the document alongside existing references to money laundering and terrorist financing.
  • Systems and Controls: Updated guidance on the implementation of compliance systems and internal controls.
  • Simplified Due Diligence: Clarification on the specific circumstances under which accountable institutions are prohibited from applying simplified customer due diligence measures.
  • Risk Assessments: Additional clarity on conducting and updating business-level and client-level risk assessments.

The public consultation period for submitting written comments on specific paragraphs of Draft GN 7B — namely paragraphs 7A, 37A, 40A, and 58A — closed on 26 June 2026.

Click here to download the 78-page Draft Guidance Note 7B.

What this means for you, your business, or your clients

  • For yourself: You must familiarise yourself with the expanded compliance terminology, specifically how proliferation financing risk indicators differ from money laundering and terrorist financing indicators.
  • For your business: Accountable institutions must review their Risk Management and Compliance Programme (RMCP) to ensure internal systems, controls, and risk assessment methodologies explicitly address proliferation financing and restrict simplified due diligence where prohibited.
  • For your clients: Clients categorized as high-risk or those operating in sectors sensitive to proliferation financing may face more stringent onboarding procedures and will no longer qualify for simplified due diligence protocols.

Originally published at https://accountingacademy.co.za/news/read/fic-draft-guidance-note-7b-implementation-of-various-aspects-of-fica

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