There are three main regulatory reporting streams for accountable institutions:
- Cash threshold reports (CTR) – on transactions i.e. cash received or issued – exceeding R49 999.99. The threshold was recently increased by an amendment to the FIC Act. Refer to Guidance Note 5C.
- Suspicious and unusual transaction reports – on transactions that are unusual or arouse suspicion in terms of money laundering or terrorist financing activities. Depending on whether the transaction is completed or incomplete you would submit a suspicious transaction report (STR) or a suspicious activity report (SAR). These reports are subjective in the eyes of the reporting institution. Please refer to Guidance Note 4B.
- Terrorist property report (TPR) – this is where there is a match with one of the parties to the transaction to the targeted financial sanctions (TFS) list or United Nations Security Council Resolution 1267 list. This is factual reporting. Refer to Guidance Note 6A.
Category: Compliance and supervision / Reporting to the FIC
