FAQ
  • Q66. Why do I have to obtain secure login credentials details before submitting a report in terms of section 28?

    The Centre requires you to obtain secure login credentials which will enable you to report in terms of section 28. This will allow for easy submission of reports and you will not have to repeatedly provide your information when submitting a report.

  • Q67. Does a CTR replace other reports such as Suspicious and Unusual Transaction Reports and Terror Property Reports?

    No. A report in terms of section 28 deals specifically with cash transactions in excess of the prescribed amount (R25 000) and does not replace such reports.

  • Q68. I have obtained my secure login credentials from the Centre. How do I report in terms of section 28?

    Individual Reporting

    – Reports can be sent by completing an online form. This reporting mechanism is aimed at low volume of reporting;

    Batch Reporting

    – This mechanism of reporting involves the batching of reports over a period of time and sending the reports to the Centre in a batch over an agreed time period. The batch will be sent to the Centre via a web service (special web form) accessed through the Centre’s web site. This mechanism requires manual intervention to access the web service and sending the batch reports; and

    System-to-System

    – This form of reporting accommodates both the individual and batch reporting mechanism. It is the configuration of systems to be able to link to each other via web services to send reports. If you have chosen the batch and system-to-system, therefore you will need to contact the Centre for more information at 012 641 6000.

  • Q69. Who has to report in terms of section 28 of the FIC Act?

    All Accountable institutions (listed in Schedule 1 to the FIC Act) and Reporting Institutions (listed in Schedule 3 to the FIC Act) are required to report in terms of Section 28 of the FIC Act

  • Q70. Does the aggregation of transactions form part of the obligation to report in terms of section 28? If yes, what is the calculation period?

    Aggregation of transactions does form part of the obligation to report in terms of section 28. This means that the additional transaction/s will be viewed as part of the original transaction. The calculation period for aggregation of transactions is one (1) business day. Thus all smaller transactions entered into in one business day which when added together result in an amount of R25 000.00 and above; are reportable.

  • Q71. If my business receives cash via a third party, e.g. bank, do I still have to report in terms of section 28?

    Both accountable and reporting institutions must report such a transaction if it is above the prescribed limit.

    Receipt of cash includes awareness or knowledge of cash received either by an agent or a third party in terms of the transaction. When the accountable-and/or reporting institution becomes aware of the receipt of cash as described above, a report must be submitted to the Centre in terms of section 28 within two (2) business days of the transaction.

  • Q72. Money is being remitted via a system where the client does not have a bank account with the accountable institution. The transaction is in line with the provisions of section 28. Does this transaction have to be reported in terms of section 28?

    Reporting in terms of section 28 is not dependant on the client having an account with the accountable institution. The purpose of section 28 is to enable accountable- and reporting institutions to report cash received above the prescribed limit to the Centre. If the money that is being remitted exceeds the prescribed amount, a report must be submitted to the Centre in terms of section 28.

  • Q73. How does an accountable institution report a money remittance transaction where the client does not have an account with the accountable institution?

    The accountable institution will have to report all available information to the Centre. The identity number should be used in the case of aggregating cash transactions with a business day.

  • Q74. What ICT developments do I need on my IT system to be able to file CTR?

    • For individual reporting you only need access to the internet;
    • For batch reporting you need access to the internet and your IT system will have to be configured to meet the Centre’s data requirements; and
    • For system-to system your IT system will have to be configured to meet the Centre’s data requirements and also to establish a link between the institution and the Centre.
  • Q75. Are there any penalties associated to non compliance with section 28?

    Cash threshold reporting is a legal obligation in terms of section 28 of the FIC Act. Failure to comply with the provisions of this section is an offence and is punishable with imprisonment for a period not exceeding 15 years or to a fine not exceeding R100 000 000.

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