Annual Report 2022-2023

The Financial Intelligence Centre (FIC) has published public compliance communication 6A (PCC 6A), to provide guidance on the interpretation of Schedule 1, item 2 accountable institutions, namely trust company service providers.

The Financial Intelligence Centre’s (FIC’s) public compliance communication 57 (PCC 57), is aimed at providing guidance on the interpretation of schedule item 22 accountable institutions, namely crypto asset service providers, and provides examples of the money laundering and terrorist financing risks they face.

The Financial Intelligence Centre (FIC) has published on its website a compilation of case studies and indicators on existing, identified, and emerging methods criminals use to launder money through the financial system.

The Financial Intelligence Centre (FIC) together with the National Payment System Department (NPSD) of the South African Reserve Bank jointly publish Guidance Note 8.

The Financial Intelligence Centre (FIC), through placing notice in the Government Gazette, has issued Directive 6 and Directive 7 of 2023.

The Financial Intelligence Centre (FIC), through placing notice in the Government Gazette, has issued Directive 8 and public compliance communication 55 (PCC 55) as guidance for accountable institutions.

The Financial Action Task Force (FATF) identifies high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction.

South Africa participated in the meetings of the Financial Action Task Force (FATF) under the Singapore Presidency, which took place from 20 to 24 February 2023.

South Africa participated in the second plenary of the Financial Action Task Force (FATF) in Paris, France from 22 to 24 February 2023.

Draft GN 104A provides guidance in respect of certain accountable institutions’ obligation to file international funds transfer reports with the FIC, in terms of section 31 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001).

CONSULTATION NOTE: Relating to the draft Public Compliance Communications that provide guidance on the definitions of, and industry risks relating to the new and amended schedule items, namely Legal Practitioners, Trust and Company Service Providers, Credit Providers, Money or Value Transfer Service Providers, High-Value Goods Dealers and Crypto Assets Service Providers

The Financial Intelligence Centre’s (FIC’s) draft public compliance communication 5D (Draft PCC 5D) is aimed at providing guidance on the registration with the FIC in terms of section 43B of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) by accountable institutions and acquisition of login credentials by any other business with a reporting obligation under the FIC Act.

A process of reviewing South Africa’s legislative framework against money laundering, terrorist financing, and proliferation financing (ML/TF and PF) has culminated in the amendments of the Schedules to the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act).

The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), of which South Africa is a member, is inviting applications for the position of Senior Financial Sector Expert in its secretariat. Please refer any queries and/or applications to ESAAMLG, as indicated on the advertisement.

The Financial Intelligence Centre (FIC) is calling for comments from accountable and reporting institutions, supervisory bodies and other persons on the draft Directive 7 of 2022.

Relating to the draft Public Compliance Communication 117 on the interpretation of Item 3 of Schedule 1 to the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), and the issuance thereof in Public Compliance Communication 56

Relating to the draft Guidance Note No. 102A on the directive for conduct within the national payment system in respect of the financial action task force recommendations for electronic funds transfers (Directive No.1 of 2022.)

ADVISORY: Financial Action Task Force public statement on jurisdictions under increased monitoring – October 2022

South Africa participated in the meetings of the Financial Action Task Force (FATF) under the Singapore Presidency, which took place from 18 to 21 October 2022.

The Standing Committee on Finance, having considered the request by various stakeholders to extend the period for making public submission, invites stakeholders and interested parties to submit further and supplementary written submissions on the General Laws (An-ti-Money Laundering and Combating Terrorism Financing) Amendment Bill (B18-2022)

The Financial Intelligence Centre (FIC) has issued draft Guidance Note 7A (GN 7A) for a second round of consultation.

The Financial Intelligence Centre (FIC) has issued public compliance communication 54 (PCC 54) as guidance for accountable institutions.

The scam involves victims being lured into buying exotic birds at unusually good prices, only to find out they have been scammed.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 53 (PCC 53) as guidance for accountable institutions.

The Financial Intelligence Centre (FIC) has been made aware that a company named “Genesis Mining” is fraudulently using FIC’s old branding in some of its communication and letters to its clients and to the public.

JOINT CONSULTATION NOTE: Relating to the Draft Directive 6/2022 read together with Draft Public Compliance Communication 116 on screening of employees for competence and integrity as well as scrutinising employee information against the targeted financial sanctions lists by accountable institutions as an anti-money laundering, combatting terrorist and proliferation financing measure

South Africa participated in the meetings of the Financial Action Task Force (FATF) under the German Presidency, which took place through a combination of virtual and hybrid meetings from 6 to 17 June 2022.

The Financial Action Task Force (FATF) identifies high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.

Relating to the Draft Guidance Note 7A: Chapter 4 on the Apex Risk Management and Compliance Programme (RMCP) document in terms of section 42 of the Financial Intelligence Centre Act, 2001, and Draft Public Compliance Communication 114 (draft PCC 114) – the RMCP for DNFBP accountable institutions in terms of section 42 of the Financial Intelligence Centre Act 2001

The Financial Intelligence Centre (FIC) today released a report on the inherent risks of money laundering facing South Africa’s gambling sector.

The Financial Intelligence Centre (FIC) today released a report on the inherent risks of money laundering facing lenders of money against the security of securities.

Comments received through the consultation process on draft public compliance communication 112

CONSULTATION FEEDBACK: Relating to draft public compliance communication 112 (PCC 112) and the issuance thereof in public compliance communication 52 on identification of money laundering and terrorist financing risks and associated customer due diligence for clients of authorised users of an exchange in terms of the Financial Intelligence Centre Act.

The Financial Action Task Force (FATF) identifies high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.

South Africa participated in the meetings of the Financial Action Task Force (FATF) under the German Presidency, which took place through a combination of virtual and hybrid meetings from 21 February to 4 March 2022.

The Financial Intelligence Centre (FIC) has issued public compliance communication 51 (PCC 51) which provides guidance on domestic prominent influential persons (DPIP), foreign prominent influential persons (FPPO), their immediate family members and known close associates.

The Financial Action Task Force (FATF) engages in an ongoing process to monitor jurisdictions that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

South Africa participated in the meetings of the Financial Action Task Force (FATF) under the German Presidency, which took place through a combination of virtual and hybrid meetings from 15 to 21 October 2021.

The Financial Action Task Force (FATF) has today released its Mutual Evaluation Report following its assessment of South Africa’s system for anti-money laundering, counter financing of terrorism and counter financing of proliferation (AML/CFT/CPF).

During the 2020/21 financial year, the Financial Intelligence Centre (FIC) continued to deliver on its mandate despite the challenges brought on by the coronavirus pandemic.

The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data when remediating reporting failures and preventing reporting failures.

The Financial Intelligence Centre (FIC) has issued public compliance communication 49 (PCC 49)

CONSULTATION FEEDBACK: Relating to the draft public compliance communication No. 12A and the issuance thereof in public compliance communication 12A on guidance on outsourcing of compliance activities to third-party service providers

CONSULTATION NOTE: Relating to the draft Public Compliance Communication No. 113 on measures relating to foreign prominent influential persons and domestic prominent influential persons, their family members and known close associates

South Africa participated in the meeting of the Financial Action Task Force (FATF) under the German Presidency which took place virtually from 11 to 25 February 2021.

CALL FOR COMMENTS: DRAFT PUBLIC COMPLIANCE COMMUNICATION 112 ON IDENTIFICATION OF MONEY LAUNDERING AND TERRORIST FINANCING RISKS AND ASSOCIATED CUSTOMER DUE DILIGENCE FOR CLIENTS OF AUTHORISED USERS OF AN EXCHANGE IN TERMS OF THE FINANCIAL INTELLIGENCE CENTRE ACT

The Financial Action Task Force (FATF) identifies high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.

The Financial Intelligence Centre (the Centre) is calling for comments from accountable and reporting institutions, supervisory bodies and other persons on the draft public compliance communication 111 (draft PCC 111).

During the 2019/20 financial year, the Financial Intelligence Centre (FIC) forged new relationships and reinforced existing partnerships to further safeguard and shore up South Africa’s financial system.

Consultation Note relating to the draft Public Compliance Communication No. 110 on guidance on money laundering, terrorist financing and proliferation financing risk considerations relating to geographic areas

From time to time, the Financial Intelligence Centre is impacted by power outages.

The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 12A (draft PCC 12A).

The Financial Intelligence Centre (“FIC”) is pleased to advise that the Minister of Finance, in terms of sections 73, 75 and 76 of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001 – “the FIC Act”), proposes to amend Schedules 1, 2 and 3 to the FIC Act.

As the use of crypto assets continues to grow and evolve, a deeper collective understanding of this area is emerging, and regulators across the globe are formulating regulatory approaches that are proportionate to, and appropriate for, the benefits and risks of crypto assets.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 46 (PCC 46) on the commencement and enforcement of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act) as amended by the Financial Intelligence Centre Amendment Act, 2017 (Act 1 of 2017) (FIC Amendment Act).

Last night, President Cyril Ramaphosa announced that South Africa is to go into a nationwide lockdown for 21 days, from midnight on Thursday, 26 March 2020. In response to this announcement, the Financial Intelligence Centre (FIC) will be shutting its offices from Friday, 27 March 2020 for 21 days.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 45 (PCC 45) which provides guidance on certain requirements as per Directive 05 of 2019 which sets conditions for the use of Automated Transaction Monitoring Systems (ATMS).

The Financial Action Task Force (FATF) identifies high-risk jurisdictions that have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 42 (PCC 42) which provides clarity on certain provisions of the FIC Act that allow certain supervisory bodies access to facts or information regarding reports submitted in terms of section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) to the FIC.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 43 (PCC 43) dealing with customer due diligence (CDD) in relation to shared clients.

Supervisory bodies, accountable institutions and all other persons are invited to comment on the Financial Intelligence Centre’s (FIC’s) draft Public Compliance Communication 107. The draft PCC 107 provides guidance on requirements as set out in the Directive 05 of 2019 which relates to the use of an Automated Transaction Monitoring System (ATMS).

SA has a small but fast-growing fintech industry, presenting considerable benefits and risks. As a result, regulators need an understanding of the fintech landscape in South Africa in order to manage risks in a way that does not stifle innovation.

The Financial Intelligence Centre (FIC) is calling for comments from supervisory bodies, accountable and reporting institutions on the draft Public Compliance Communication 102 (draft PCC 102).

The featured case studies have been published over a period of time in the FIC’s annual reports. The case studies are arranged by crime type and some indicators – not an exhaustive list – are included to assist in identifying criminal activity. Core to the case study successes has been the collaboration between the FIC and its competent authority partners, as well as the regulatory reports submitted by accountable and reporting institutions, and other business. Regulatory reports form the foundation of the financial intelligence reports that the FIC produces.

The Financial Action Task Force (FATF) identifies jurisdictions that have strategic deficiencies in their measures against money laundering and terrorist financing. The FATF advises on these jurisdictions in public statements in order to protect the international financial system from money laundering and terror financing risks and to encourage greater compliance with its international standards on combating money laundering and terror financing.

The Financial Intelligence Centre (FIC) is calling for comments from non-profit organisations (NPO) and other persons on the draft Public Compliance Communication 103. (draft PCC 103).

The Financial Intelligence Centre (FIC) together with the National Payment System Department (NPSD) of the South African Reserve Bank (SARB) are calling for comment on (i) SARB FATF EFT draft Directive 1 of 2019 (draft Directive 1), (ii) the FIC draft Guidance Note 102 (draft GN102), as well as (iii) their joint consultation paper.

The Financial Action Task Force (FATF) identifies jurisdictions that have strategic deficiencies in their measures against money laundering and terrorist financing.

South Africa participated in the third meeting of the Financial Action Task Force (FATF) session under the Unites States of America (USA) Presidency in Orlando. United States of America, from 16 to 21 June 2019.

The Minister of Finance has announced the date of 1 April 2019 as the date that the sections in the Financial Intelligence Centre Act, 2001 (FIC Act) relating to targeted financial sanction (TFS) come into effect.

The Financial Intelligence Centre (FIC) has issued Directive 5/2019 on the use of an automated transaction monitoring system for the detection and submission of regulatory reports to the FIC in terms of section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001).

The FIC produces reports on the various ways in which criminals launder their money and/or raise funds for the financing of terrorism and related activities. When a series of suspected money laundering or terror financing activities are observed using the same methods, they are generally classified as a ‘typology’.

The Financial Intelligence Centre (FIC) has updated its guidance on suspicious and unusual transaction reporting, which relates to section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act).

The Financial Action Task Force (FATF) engages in an on-going process with jurisdictions that have deficiencies in their measures against money laundering and terrorist financing and have developed action plans with the FATF to address these.

South Africa participated in the second meeting of the Financial Action Task Force (FATF) session under the Unites States of America (USA) Presidency in Paris, France, from 17 to 22 February 2019.

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 31A which provides guidance to accountable institutions on the acceptance and receipt of funds prior to the completion of the customer due diligence measures required in terms of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001).

The Financial Intelligence Centre (FIC) has updated existing guidance relating to terrorist property reporting (TPR) in terms of section 28A of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act).

The Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), South African Revenue Service (SARS) and the South African Reserve Bank (SARB) this week released a consultation paper on crypto assets.

The Financial Intelligence Centre (FIC) has issued Draft Public Compliance Communication 31A (PCC31A) which provides guidance to accountable institutions on the acceptance and receipt of funds prior to the completion of the customer due diligence measures required in terms of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act).

South Africa participated in the first meeting of the Financial Action Task Force (FATF) session under the Unites States of America (USA) Presidency in Paris, France, from 14 to 19 October 2018.

This is an unofficial text of the Financial Intelligence Centre Act, 2001 and the Money Laundering and Terrorist Financing Control Regulations

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 39 (PCC 39) which provides guidance to mandated entities regarding access to reporting information held by the FIC.

ADVISORY: Financial Action Task Force statements on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies – June 2018.

The Financial Intelligence Centre (FIC) and the Special Investigating Unit (SIU) today signed a Memorandum of Understanding (MoU) that commits the two organisations to increased collaboration.

The online system comes into operation on Thursday, 31 May 2018. After this date, the FIC will not be able to process queries sent via the FIC feedback inbox.

Updated guidance on registration with the Financial Intelligence Centre in terms of Section 43b of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001) by accountable and reporting institutions and acquisition of login credentials by any other business with a reporting obligation under the Act

The Financial Intelligence Centre (FIC) has updated PCC38 in line with the amendments to the relevant sections and has published PCC38A.

Outcomes of the February 2018 meeting of the Financial Action Task Force

NOTICE: Updated Guidance on the mode of communication regarding Sections 27, 32, 34 And 35 of the Financial Intelligence Centre Act (Act No. 38 Of 2001)

The Minister of Finance, Malusi Gigaba, has congratulated Advocate Xolisile Jennifer Khanyile on her appointment as the Director of the Financial Intelligence Centre (FIC). Advocate Khanyile's appointment will be effective from the first of January 2018.

The Financial Intelligence Centre (FIC) has issued a Notice which provides clarity regarding the status of Directives and Guidance Product issued before 2 October 2017.

South Africa participated in the first meeting of the Financial Action Task Force (FATF) session under the Argentinian Presidency in Buenos Aires from 29 October to 3 November 2017.

The Minister of Finance Malusi Gigaba has amended the Money Laundering and Terrorist Financing Control (MLTFC) Regulations and withdrawn Exemptions made in terms of the Financial Intelligence Centre Act, 2001 (FIC Act), effective 2 October 2017

The Financial Intelligence Centre (FIC) in collaboration with the National Treasury, the South African Reserve Bank and the Financial Services Board has published Guidance Note 7 (link) to support accountable institutions and supervisory bodies in the implementation of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001) (the FIC Act).

The Minister of Finance announced the coming into operation of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017) (FIC Amendment Act) on 13 June 2017. The implementation of different provisions of the FIC Amendment Act start on different dates, that is, 13 June 2017 and 2 October 2017.

The Financial Intelligence Centre (FIC) is reminding members of the public that today is the last day to submit comments on documents published for the implementation of the FIC Amendment Act.

The Financial Action Task Force (FATF) identifies jurisdictions that have strategic deficiencies in their measures against money laundering and terror financing in order to protect the international financial system from money laundering and terror financing risks and to encourage greater compliance with its international standards on combating money laundering and terror financing.

The Financial Intelligence Centre is today publishing draft guidance to initiate a discussion with accountable institutions on the guidance that will be required to implement the new provisions that will become part of the FIC Act when the relevant sections of the FIC Amendment Act come into operation on 2 October 2017.

A fraudulent e-mail notice and ‘FUND TRANSFER STOP ORDER’ certificate and bearing the Financial Intelligence Centre’s (FIC’s) brand has surfaced.

The Financial Intelligence Centre (FIC) is pleased that the Financial Intelligence Centre Amendment Act has been signed by the President.

Institutions given guidance on responding to requests for information from the Financial Intelligence Centre

The Financial Intelligence Centre (FIC) distances itself from a scam payment release order letter which has been put in circulation by criminal scamsters claiming that recipients stand to win or gain inheritance funds.

South Africa participated in the second meeting of the Financial Action Task Force (FATF) session XXVIII, under the Spanish Presidency in Paris from 18 to 24 February 2017.

This notice explains the process to be applied by reporting entities when remediating or fixing failed and/or rejected batch reports on goAML.

In the FATF’s Public Statement, issued on 21 October 2016, the FATF draws attention to the risks emanating from deficiencies in the systems to combat money laundering and terror financing in the Democratic People’s Republic of Korea (DPRK) and the Islamic Republic of Iran (Iran)

NOTICE: Issue Paper on guidance required to implement the Financial Intelligence Centre Amendment Bill, 2016 published

The Financial Intelligence Centre (FIC) has become aware of a letter and “certificate” which make fraudulent use of the FIC logo and impersonate FIC staff.

URGENT NOTICE: To accountable and reporting institutions on registration and reporting on the Financial Intelligence Centre’s existing registration and reporting platform