FIC Issues Guidance Note 7B on Proliferation Financing and FICA Compliance

Posted 06 August 2026 Written by Acts Online
Category FICA & AML Compliance

Brought to you by SA Accounting Academy: The Financial Intelligence Centre has published Guidance Note 7B, updating compliance guidance under the Financial Intelligence Centre Act, No. 38 of 2001 to explicitly incorporate proliferation financing and refine customer due diligence rules.

In terms of section 4(c) of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the Financial Intelligence Centre (FIC)—in collaboration with the National Treasury, the South African Reserve Bank, and the Financial Sector Conduct Authority—issued Guidance Note 7B (GN 7B) on 3 August 2026. GN 7B replaces Revised Guidance Note 7A (issued 1 September 2025), Guidance Note 7A (issued 13 February 2025), and Guidance Note 7 with immediate effect.

GN 7B updates Chapter 1 of the compliance guidance framework to insert references to proliferation financing (PF) alongside money laundering (ML) and terrorist financing (TF). Key technical modifications include:

  • Proliferation Financing Integration: Explicit inclusion of PF risk identification, assessment, and mitigation requirements across customer due diligence (CDD) and compliance processes.
  • Technology Risk Assessments: Guidelines on evaluating ML, TF, and PF risks prior to implementing new technologies, operational systems, or compliance controls.
  • Simplified Due Diligence Restrictions: Explicit clarification of circumstances and high-risk scenarios under which accountable institutions are prohibited from applying simplified due diligence.

The publication follows public consultation on draft paragraphs 7A, 37A, 40A, and 58A issued on 12 June 2026, incorporating feedback from banks, crypto asset service providers, legal practitioners, and accounting professionals.

Click here to download FIC Guidance Note 7B.

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

  • For yourself: Ensure your individual professional advisory practice reflects the updated prohibition thresholds on simplified due diligence and includes proliferation financing considerations.
  • For your business: Update your firm’s Risk Management and Compliance Programme (RMCP), technology pre-implementation risk assessments, and onboarding procedures to align with GN 7B.
  • For your clients: Advise accountable institution clients to audit their AML/CFT/CPF risk assessment framework and client verification rules against the new GN 7B standard.

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

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