Regulatory Alerts2019-03-15
Anti-Money Laundering and Counter-Terrorism Financing Workshop: FIC Act Amendments
The Financial Sector Conduct Authority and Financial Intelligence Centre issued this workshop presentation to outline key amendments to the Financial Intelligence Centre Act that transition South African financial institutions from a rigid rule-based compliance model to a risk-based approach. Accountable institutions must now implement comprehensive Risk Management and Compliance Programmes to conduct tiered customer due diligence, verify beneficial ownership structures, and maintain enhanced monitoring for high-risk clients such as foreign prominent public officials. The regulatory changes mandate strict five-year record-keeping, enforce board-level governance accountability, and require timely reporting of cash threshold and suspicious transactions to align the national framework with international anti-money laundering and counter-terrorist financing standards.