Section 28 of the FIC Act requires all accountable institutions to report cash transactions above the prescribed limit to the FIC. Accountable institutions must report cash transactions of more than R49 999.99.
Physical cash payments more than the threshold amount received by the affected accountable institution must be reported. Where an affected accountable institution pays a client physical cash (notes, coins or travellers’ cheques) to value of R50 000 or more, this has to be reported to the FIC. Refer to Guidance Note 5C.
Category: Compliance and supervision / Cash threshold reporting