Schedule 1 - Accountable Institutions
The FIC Act identifies business sectors which are vulnerable to money laundering and terror financing - listed in Schedule 1. Each sector is listed under an Item Number – for example, as you will see below, attorneys fall under Item 1 of Schedule 1 of the FIC Act.
1 A practitioner who practices as defined in section 1 of the Attorneys Act, 1979 (Act 53 of 1979).
2 A board of executors or a trust company or any other person that invests, keeps in safe custody, controls or administers trust property within the meaning of the Trust Property Control Act, 1988 (Act 57 of 1988).
3 An estate agent as defined in the Estate Agency Affairs Act, 1976 (Act 112 of 1976).
4 An authorised user of an exchange as defined in the Securities Service Act, 2004 (Act 36 of 2004).
5 A manager registered in terms of the Collective Investment Schemes Control Act, 2002 (Act 45 of 2002), but excludes managers who only conduct business in Part VI of the Collective Investment Schemes Control Act (Act 45 of 2002).
6 A person who carries on the ‘business of a bank’ as defined in the Banks Act, 1990 (Act 94 of 1990)
7 A mutual bank as defined in the Mutual Banks Act, 1993 (Act 124 of 1993)
8 A person who carries on a ‘long-term insurance business’ as defined in the Long-Term Insurance Act, 1998 (Act 52 of 1998).
9 A person who carries on the business of making available a gambling activity as contemplated in section 3 of the National Gambling Act, 2004 (Act 7 of 2004) in respect of which a license is required to be issued by the National Gambling Board or a provincial licensing authority.
10 A person who carries on the business of dealing in foreign exchange.
11 A person who carries on the business of lending money against the security of securities
12 A person who carries on the business of a financial services provider requiring authorisation in terms of the Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2002), to provide advice and intermediary services in respect of the investment of any financial product (but excluding a short term insurance contract or policy referred to in the Short-term Insurance Act, 1998 (Act 53 of 1998) and a health service benefit provided by a medical scheme as defined in section 1(1) of the Medical Schemes Act, 1998 (Act 131 of 1998).
13 A person who issues, sells or redeems travellers’ cheques, money orders or similar instruments.
14 The Postbank referred to in section 51 of the Postal Services Act, 1998 (Act 124 of 1998).
15 ............ (This item was removed when the FIC Act was amended.)
16 The Ithala Development Finance Corporation Limited.
17 ............(This item was removed when the FIC Act was amended.)
18 ............(This item was removed when the FIC Act was amended.)
19 A person who carries on the business of a money remitter.
Schedule 3 – Reporting Institutions
The FIC Act identifies business sectors which are vulnerable to money laundering and terror financing. Two sectors are monitored and supervised by the FIC – they are known as reporting institutions. Other sectors fall under supervisory bodies (see Schedule 1 and Schedule 2).
Schedule 3 lists two types of reporting institutions:
1. A person who carries on the business of dealing in motor vehicles.
2. A person who carries on the business of dealing in Krugerrands.
General business must submit Section 29 reports - suspicious and unusual transaction reporting.
Click here for more information on how to report on our registration and reporting system.