Regulator profile · FIC

Financial Intelligence Centre

Anti-money laundering, counter-terrorist financing, and counter-proliferation financing. Collecting, analysing, and disseminating financial intelligence.

At a glance

Established: 2001
Parent act: Financial Intelligence Centre Act 38 of 2001 (FICA)
Penalty ceiling: R10 million or 10% of gross annual turnover (whichever is greater)
Key register: FICA Accountable Institutions Register
Website: https://www.fic.gov.za

Scope of supervision

Banks and mutual banks
Long-term and short-term insurers and their intermediaries
Collective investment scheme managers
Authorised dealers in foreign exchange
FSPs authorised under FAIS (certain categories)

Governing legislation

Acronym	Full name and description
FICA	Financial Intelligence Centre Act 38 of 2001 Primary AML/CFT/CPF legislation. Amended significantly by Act 1 of 2017 to align with FATF standards.
FATF	Financial Action Task Force Standards International standards-setting body for AML/CFT. SA is a FATF member subject to mutual evaluation.
Reg 21A	FIC Regulation 21A Prescribes requirements for electronic funds transfer reporting.
Reg 24	FIC Regulation 24 Prohibits dealing with entities on UN Security Council sanctions lists.
GN 7	FIC Guidance Note 7 Guidance on electronic or digital CDD — acceptable verification methods for remote onboarding.

Risk Management and Compliance Programme — required components

Component	Description	Frequency
Enterprise Risk Assessment	Risk identification across products, services, clients, geographies, and delivery channels. Must be documented, board-approved, and updated regularly.	Annual minimum; updated on material changes
CDD Policies and Procedures	Step-by-step procedures for identification, verification, beneficial ownership, and ongoing monitoring.	Review annually; update on regulatory change
Reporting Obligations	Internal process for identifying, escalating, and filing STRs, CTRs, and PATA reports with the FIC.	Ongoing; STR within 15 days, CTR within 2 business days
Record Keeping	Retention policy ensuring CDD records are kept for a minimum of 5 years after relationship termination.	Ongoing; records audit annually
Training Programme	Annual AML/CFT training for all relevant staff with records of completion maintained.	Annual minimum
Compliance Officer	Designated FICA Compliance Officer accountable for RMCP implementation, with clear terms of reference.	Appointment reviewed at succession or annually
Internal Audit / Testing	Independent review of FICA compliance controls with findings reported to governance.	Annual
Sanctions Screening	Process for automated screening of clients against Targeted Financial Sanctions (TFS) lists at onboarding and ongoing.	At onboarding and daily/continuous monitoring

Key obligations on regulated entities

Document, board-approve, and implement a written RMCP
Conduct and document an enterprise-wide ML/TF/PF risk assessment
Apply CDD at client onboarding — identify, verify, and understand every client
Identify beneficial owners at 25%+ ownership threshold for legal entities
Apply EDD to all PEPs and high-risk clients
Screen all clients against TFS/sanctions lists at onboarding and on an ongoing basis
Assign a risk rating (CRR) to every client based on documented methodology
File Suspicious Transaction Reports (STRs) within 15 days of suspicion
File Cash Threshold Reports (CTRs) within 2 business days for cash > R49,999
Retain CDD records for a minimum of 5 years post relationship termination
Conduct annual AML/CFT training for all relevant staff
Appoint a FICA Compliance Officer with documented terms of reference

Enforcement powers

Administrative sanctions — cautions, reprimands, financial penalties
Penalties up to R10 million or 10% of gross annual turnover
Public naming of sanctioned entities
Criminal prosecution for serious non-compliance
Supervisory on-site visits

Key register: FICA Accountable Institutions portal

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