What is the financial intelligence Centre Act 38 of 2001?

What is the financial intelligence Centre Act 38 of 2001?

The Financial Intelligence Centre Act (38 of 2001) (the FIC Act) came into effect on the 1st of July 2003. The FIC Act was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities.

Who does the FICA Act apply to?

Who does FICA apply to? The Act applies to all Accountable and Reporting Institutions as defined in schedule 1 of the Act must comply with the requirements set out in the Act.

Which of the following are rules that an accountable institution must formulate and implement in terms of the FIC Act?

(1) An accountable institution must formulate and implement internal rules concerning— (a) the establishment and verification of the identity of persons whom the institution must identify in terms of Part 1 of this Chapter; (b) the information of which record must be kept in terms of Part 2 of this Chapter; (c) the …

Who must register for FICA?

Who must comply with FICA? An ‘accountable institution’ is any person defined in schedule 1 of the Act. Amongst those listed include attorneys, trustees and executors, estate agents, financial instrument trade and stock brokers, management companies and bankers, to name but a few.

What is the purpose of FIC?

The FIC’s mandate is to: identify the proceeds of crime, combat money laundering, and terror financing; supervise and enforce compliance with the FIC Act; share information with law enforcement authorities, supervisory bodies, intelligence services, the South African Revenue Service, and other local and international …

What is Financial Intelligence Act?

The Financial Intelligence Centre Act is South Africa’s primary anti-money laundering and counter-terrorism financing legislation. The FIC also has the mandate to supervise financial institutions, promote compliance with the law, identify proceeds of crime, and combat money laundering and terrorism financing.

What documents are needed for FICA?


Information required Documentation Required
Full Name Date of Birth Country of Citizenship / Nationality Identity Number Current Residential (Physical) Address Contact Details For South African residents: Green, bar-coded identity document For foreign residents: Valid passport

Is FICA compulsory?

FICA contributions are mandatory, and rates are set annually, although not necessarily changed every year—they have remained stable between 2020 and 2022, for example. The amount of the FICA payment depends on the income of the employee: the higher the income, the higher the FICA payment.

What is the time period for reporting a cash threshold report?

4.7 In terms of regulation 24(4) of the Regulations a report under section 28 of the FIC Act must be sent to the Centre as soon as possible but no later than 2 (two) days after a natural person or any of his or her employees, or any employees of or officers of a legal person or other entity, has become aware of a fact …

What is the prescribed limit for reporting cash transactions?

R25 000,00
Financial Intelligence Centre advises that Section 28 of the Financial Intelligence Centre Act, 38 of 2001 makes it obligatory for all accountable- and reporting institutions to report cash transactions (meaning transactions involving domestic and foreign notes and coins, and travelers cheques) above the prescribed …

How do I apply for FICA?

What documents are acceptable as proof of residence

  1. Utility bill, e.g. municipal water and lights account or property managing agent statement.
  2. Bank statement from another bank on an official bank document or form.
  3. Municipal councillor’s letter.
  4. Tax certificate.
  5. Recent active lease or rental agreement.

When should I report to fic?

Section 28 of the FIC Act requires that accountable and reporting institutions, to report cash transactions above the prescribed limit of R24 999.99 to the FIC as soon as it is aware of the cash threshold transaction but not later than two days after becoming aware of same.