Regulatory Alerts2017-03-28
Financial Intelligence Act 13 of 2012
Issued by the South African Parliament, this legislation establishes a mandatory compliance framework to combat money laundering and terrorism financing. It requires reporting entities such as banks, legal practitioners, and accountants to verify client identities, maintain records, and submit suspicious transaction reports. The Act also designates the Financial Intelligence Centre as the primary oversight body with authority to conduct audits and impose administrative penalties for non-compliance.
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