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Sections of the FIC Act impose obligation on any person who carries on a business or is in charge of or manages a business or who is employed by a business to report certain transactions to the FIC.
The FIC utilises the transactional and other data received from businesses and accountable and reporting institutions to conduct analysis to create financial intelligence reports. Where necessary and upon request, this information is shared with local and international partners in the law enforcement environment and with the South African Revenue Service (SARS).The FIC obtains financial intelligence and other data in the form of reports which are filed with it in accordance with the following sections of the FIC Act:
The FIC has issued reporting guides to assist with the filing of the abovementioned reports: