FIC Issues Draft Guidance Note 7B on FICA Implementation

Posted 06 August 2026 Written by Acts Online
Category Financial Intelligence Centre Act

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has issued Draft Guidance Note 7B for public comment, providing updated guidance to accountable institutions on fulfilling their statutory obligations under the Financial Intelligence Centre Act, No. 38 of 2001 (FICA).

Draft Guidance Note 7B serves as an updated reference to align compliance practices with statutory amendments introduced by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, No. 22 of 2022. The draft guidance clarifies the operational execution of core anti-money laundering and counter-terrorist financing (AML/CFT) directives across key compliance pillars.

Key Provisions in Draft Guidance Note 7B

The draft guidance document provides detailed interpretations and statutory directives in respect of:

  • Customer Due Diligence (CDD): Enhanced processes for establishing and verifying client identities, authorized representatives, and complex ownership structures in terms of section 21 of FICA.
  • Beneficial Ownership Identification: Mandated protocols to identify and verify the natural persons who ultimately own or exercise effective control over legal entities, trusts, or partnerships.
  • Risk and Compliance Management Programme (RCMP): Guidance on applying a risk-based approach (RBA) to client risk profiling, ongoing monitoring, and internal governance under section 42 of FICA.
  • Prominent Influential Persons: Standardized procedures for identifying and managing business relationships with Domestic Prominent Influential Persons (DPIPs) and Foreign Prominent Public Officials (FPPOs).
  • Regulatory Reporting Obligations: Practical direction on statutory reporting obligations, including Cash Threshold Reports (CTR), Suspicious Transaction Reports (STR/SAR), and Targeted Financial Sanctions (TFS) screening under sections 28, 28A, and 29 of the Act.

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

  • For yourself: As an accountable professional, you must familiarize yourself with the refined operational standards for beneficial ownership verification and client risk assessment set out in the draft guidance.
  • For your business: Your practice must review its existing Risk and Compliance Management Programme (RCMP) against Draft Guidance Note 7B and prepare to update client onboarding checklists, screening protocols, and internal control frameworks.
  • For your clients: Corporate and trust clients must ensure their internal beneficial ownership registers are accurate and ready for presentation during accountable institution due diligence reviews.

Originally published at https://accountingacademy.co.za/news/read/fic-draft-guidance-note-7b-implementation-of-various-aspects-of-fica-2

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