What is the fica

what is the fica

To establish and maintain an effective policy and compliance framework and operational capacity to oversee compliance and to provide high quality, timeous financial intelligence for use in the fight against crime, money laundering and terror financing in order for South Africa to protect the integrity and stability of its financial system, develop economically and be a responsible global citizen.

what's new

    Public Compliance Communications No.32 (PCC 32): Cross Border Remittance Exemption
(06 July 2015)
    Outcomes of the Plenary meeting of the FATF, Brisbane, 21-26 June 2015 - During the third Plenary meeting under the Australian Presidency, the FATF issued a second statement on the phenomenon of “de-risking”. The FATF also updated its statements concerning high-risk and non-cooperative jurisdictions and discussed the mutual evaluation report Malaysia. Click here to read more (30 June 2015)
    FATF Public Statement – 26 June 2015 - The FATF has updated its public statement identifying jurisdictions with strategic deficiencies in their measures against money laundering and terror financing. The FATF calls on countries to apply counter-measures to Iran and the Democratic People's Republic of Korea and warns of the risks emanating from strategic deficiencies in the systems to combat money laundering and terror financing in Algeria, Ecuador and Myanmar. Click here to read more (30 June 2015)
    Drivers for "de-risking" go beyond anti-money laundering / terrorist financing - On 26 June 2015 the FATF published a second statement and set out a future work plan on "de-risking" (when financial institutions terminate or restrict business relationships with categories of customer). Click here to read more. (30 June 2015)
    Communique released on Saturday, 13 June 2015, during the 23rd Plenary of the Egmont Group of Financial Intelligence Units held in Bridgetown, Barbados (15 June 2015)
    Cross Border Remittance Exemption - The Minister of Finance has approved an exemption for cross border remittances. The exemption is intended to reduce the regulatory obligations for financial institutions providing cross-border remittance services. Click here to read more… (05 June 2015)
    MEDIA STATEMENT - REQUEST FOR PUBLIC COMMENTS ON THE DRAFT FINANCIAL INTELLIGENCE CENTRE AMENDMENT BILL, 2015 - The National Treasury (“NT”) and the Financial Intelligence Centre (“FIC”) today publish the draft Financial Intelligence Centre Amendment Bill, 2015 (“the Bill”) as approved by Cabinet at its meeting of 15 April 2015 (21 April 2015)
    Revised Public Compliance Communication No.03A (PCC03A): (PCC03A reissued) - Supplementary information applicable to PCC03 electronic verification systems of asylum seeker and refugee permits (30 March 2015)
    Public Compliance Communications No.31 (PCC 31): The acceptance of funds by an accountable institution prior to the completion of the prescribed client identification and verification requirements (27 March 2015)
    Verification of identification of customers by banks (25 March 2015)
    FATF Public Statement, 27 February 2015 - The FATF has updated its public statement identifying jurisdictions with strategic deficiencies in their measures against money laundering and terror financing. The FATF calls on countries to apply counter-measures to Iran and the Democratic People's Republic of Korea and warns of the risks emanating from strategic deficiencies in the systems to combat money laundering and terror financing in Algeria, Ecuador and Myanmar. Click here to read more. (02 March 2015)
    Financing of the Islamic State in Iraq and the Levant (ISIL) - On 27 February 2015 the FATF published a report containing an analysis of the financing of ISIL. This report provides a summary of the most important revenue sources and financial activities of ISIL and highlights a number of new and existing measures to disrupt its financing. Click here to read more. (02 March 2015)
    Outcomes of the Plenary meeting of the FATF, Paris, 25-27 February 2015 - During the second Plenary meeting under the Australian Presidency, the FATF issued a statement on FATF action on terrorist finance and adopted a report on the financing of terrorist organisation Islamic State in Iraq and the Levant (ISIL). The FATF also updated its statements concerning high-risk and non-cooperative jurisdictions and discussed the mutual evaluation reports for Australia and Belgium. Click here to read more (02 March 2015)
    Public Compliance Communication No. 30 (PCC30): Customer identification and verification of casino junket agents and their underlying clients in terms of the FIC Act (28 November 2014)
    Revised PCC24 on verification requirements of South African companies and Close Corporations in terms of the FIC Act (28 November 2014)
    27 October 2014: FATF adopted a Risk-Based Approach for the Banking Sector - The risk-based approach is an essential component of the effective implementation of the FATF Recommendations. Countries, competent authorities and reporting entities are expected to identify, assess and understand the money laundering / terrorist financing risks they are exposed to so that they can develop the appropriate measures to mitigate these risks. Click here to read more. (11 November 2014)
    27 October 2014: FATF adopted Guidance on Transparency and Beneficial Ownership - The FATF has adopted guidance which will help policy makers and practitioners in national authorities to identify, design and implement risk-based measures to prevent the misuse of corporate vehicles for the purpose of money laundering, terrorist financing and other illicit purposes. These measures will also support efforts to prevent other serious crimes such as tax crimes and corruption. Click here to read more. (07 November 2014)
    FATF action on the terrorist group the Islamic State of Iraq and the Levant (ISIL) (24 October 2014)
    Outcomes of the Plenary meeting of the FATF, Paris, 22-24 October 2014 - During the first Plenary meeting under the Australian Presidency, the FATF adopted a number of reports, such as a guidance on transparency and beneficial ownership and risk-based approach guidance for the banking sector. It reviewed voluntary tax compliance programmes in several jurisdictions and updated its statements concerning high-risk and non-cooperative jurisdictions. Click here to read more. (24 October 2014)
    Outcomes from the Joint G20 ACWG/FATF Experts’ Meeting on Corruption - The FATF and the G20 Anti-Corruption Working Group (ACWG) jointly organised an Experts' Meeting on Corruption on Saturday, 18 October 2014 to discuss issues of common interest. For more information … (18 October 2014)
    Financial Intelligence Centre: Annual Report 2013/14 (02 October 2014)
    Directive 03 - Notification of failure to report as required by the FIC (16 September 2014)
    All accountable and reporting institutions and other persons who have filed a Suspicious Transaction Report (STR) with the FIC may not disclose, make available or discuss that a STR has been filed with the FIC, or share that STR, or the content thereof, with any person, including a supervisory body, even when that supervisory body is exercising powers in terms of sections 45, 45A and 45B of the FIC Act. (10 September 2014)
    Obligations on business relating to the reporting of suspected bribery - The Prevention of Combating of Corrupt Activities Act criminalises bribery committed both inside and outside the Republic of South Africa. In addition, the Act compels someone in a position of authority in a business and who suspects that there may have been corrupt, fraudulent, or any other type of criminal activity to report this to the law enforcement authorities. Please click here to read more. (09 September 2014)
    International requirements relating to the fight against corruption - South Africa is a member of the Financial Action Task Force (FATF), an international body that sets standards for combating money laundering and the financing of terrorism. FATF’s 40 Recommendations or global standards on Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) make provision for the criminalisation of corruption and bribery. Click here to read about this in more detail. (09 September 2014)
    Public Compliance Communication No. 29 (PCC29): The Financial Intelligence Centre has issued PCC29 which explains the application of Exemption 4 to the Financial Intelligence Centre Act, Act No. 38 of 2001, as amended (the FIC Act) (18 July 2014)
    30 June 2014 - Financial Action Task Force statements on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies (30 June 2014)

    Outcomes from the meeting of the FATF Plenary, Paris 25-27 June 2014 (30 June 2014)
    Cash Threshold Reporting - Batch resubmission monthly audit process, release date: 23 June 2014 - This Notice is effective from 23 June 2014 and supplements the CTR Batch Resubmission Notice issued by the Financial Intelligence Centre (Centre) on 03 May 2012 (23 June 2014)
    FIC notes SARB administrative sanctions on banks (16 April 2014)
    The South African Reserve Bank imposes administrative sanctions on banks (16 April 2014)
    Directive 01 - Details changed? Please update on our system (08 April 2014)
    Directive 02 - Use of login credentials following registration with the FIC (08 April 2014)
    Public Compliance Communication No. 28 (PCC28): PCC28 Clarifies Terrorist Property Reporting obligations (27 March 2014)
    Public Compliance Communication No. 27 (PCC27): Status of expired asylum seeker and refugee permits in relation to client identification and verification requirements in terms of the FIC Act (19 March 2014)
    Outcomes from the meeting of the FATF Plenary, Paris 12-14 February 2014 (18 February 2014)
    Advisory: Financial Action Task Force statements on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies (18 February 2014)
    High-risk and non-cooperative jurisdictions - Improving Global AML/CFT Compliance: On-going process (18 February 2014)
    Money laundering and terrorist financing through trade in diamonds - On 31 January 2014 the Financial Action Task Force published a typologies report identifying the Money Laundering and Terror Financing vulnerabilities and risks of the “diamond pipeline”, which covers all sectors in the diamond trade: production, rough diamond sale, cutting and polishing, jewellery manufacturing and jewellery retailers. Click here for more information and to download the report (18 February 2014)
    Terrorist Financing in West Africa: The Financial Action Task Force (FATF) and the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) collaborated on a typologies research project to identify the methods used by terrorists, terrorist groups, and their supporters in the West African region to collect, transfer and utilise funds. Click here for more information and to download the document (18 February 2014)
    Public Compliance Communication No. 26 (PCC26): Single client view (13 February 2014)
    Public Compliance Communication No. 25 (PCC25): Scope of item 12 of Schedule 1 of the Financial Intelligence Centre Act, Act No. 38 of 2001, as Amended (13 February 2014)
    Revised Public Compliance Communication No. 21 (PCC21): Scope and application of Exemption 17 in terms of the Financial Intelligence Centre Act, Act no 38 of 2001, as amended (12 February 2014)
    Revised Public Compliance Communication No. 20 (PCC20): Client identification and verification requirements for non-face-to-face online betting clients (12 February 2014)
    Directive 01/2013 - Updating of registration information of accountable and reporting institutions (29 October 2013)
    FATF October 2013 Plenary Outcomes (21 October 2013)
    FATF Public Statements - October 2013 (21 October 2013)
    The FIC’s Annual Report for 2012/13 was tabled in Parliament recently (02 October 2013)
    Financial Intelligence Centre: Annual Report 2012/13 (01 October 2013)
    Public Compliance Communication No. 23 (PCC23): Where an institution lends money against or accepts an instrument (such as stocks, debentures and others) as security for providing loans, then this institution is deemed an accountable institution as defined in the Financial Intelligence Centre Act (FIC Act). (13 September 2013)
    Public Compliance Communication No. 24 (PCC24): The Financial Intelligence Centre Act requires that accountable institutions verify the registration details of a company or close corporation prior to doing business with them. (13 September 2013)
    Attorneys vulnerable to abuse by criminals (09 September 2013)
    The Financial Action Task Force recently published a report, “Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals”. Research into money laundering methods and trends confirms that criminals may use legal professionals to help launder criminal assets. The study examines the vulnerabilities of the profession for witting/unwitting involvement in money laundering and terrorist financing, and identifies ‘red flag indicators’ to raise awareness among legal professionals. (01 August 2013)
    Law Societies join the financial intelligence fold (26 July 2013)
    South Africa to lead Egmont Group (08 July 2013)
    Co-Chairs Statement: 21st Plenary of the Egmont Group of Financial Intelligence Units (08 July 2013)
    Address by Mr. Vladimir Nechaev, FATF President: 21st Plenary of the Egmont Group of FIUs (08 July 2013)
    International Best Practices: Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (Recommendation 6): FATF Recommendation 6 requires countries to implement the targeted financial sanctions regimes to comply with the United Nations Security Council Resolutions (UNSCRs) relating to the prevention and suppression of terrorism and terrorist financing, such as UNSCR 1267(1999) and its successor resolutions, and UNSCR 1373(2001) (01 July 2013)
    FATF Guidance: The Implementation of Financial Provisions of United Nations Security Council Resolutions to Counter the Proliferation of Weapons of Mass Destruction (01 July 2013)
    FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22): A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. Many PEPs hold positions that can be abused for the purpose of laundering illicit funds or other predicate offences such as corruption or bribery. (01 July 2013)
    Guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services: New and innovative payment products and services are being developed and used at an ever-increasing pace and have the potential of being used for money laundering or terrorist financing. (01 July 2013)
    Outcomes of the FATF Plenary, Oslo, 19-21 June 2013 (26 June 2013)
    Advisory: Financial Action Task Force Statements on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies (26 June 2013)
    Guidance Note 3A: The objective this Guidance Note is to provide general guidance to accountable institutions on identification and verification and related matters. (29 March 2013)
    Following the adoption of revised standards in February 2012, the Financial Action Task Force (FATF) has recently adopted a new Methodology for assessing technical compliance with the FATF Recommendations and the effectiveness of anti-money laundering and combating the financing of terrorism (AML/CFT) systems. This methodology sets out how the FATF will determine whether a country is sufficiently compliant with the 2012 FATF Standards and whether its AML/CFT system is working effectively.” (20 March 2013)
    The Financial Action Task Force has developed guidance which will assist countries in the conduct of risk assessment at the country or national level. A risk assessment allows countries to identify, assess and understand its money laundering and terrorist financing risks. Once these risks are properly understood, countries can apply anti-money laundering and counter terrorist financing measures that correspond to the level of risk, in other words: the risk-based approach. (08 March 2013)
    Outcomes of the FATF Plenary, 20-22 February 2013 (01 March 2013)
    Public Compliance Communication No. 15 (PCC15): The objective of this PCC is to provide the Centre’s view on the acceptance by accountable institutions of smart card identification documents issued by the Department of Home Affairs (DHA) for the purpose of establishing and verifying of the identity of a client, or a client that is acting on behalf of another person, or a person acting behalf of a client if that person is a natural person. (22 January 2013)
    Financial Intelligence Centre Compliance Contact Centre (03 December 2012)
    Notice to Supervisory Bodies, Accountable and Reporting Institutions on Appeals to the FIC Act Appeal Board (24 August 2012)
    Notice to all estate agents in South Africa (22 August 2012)