Amendments to FICA Schedules on the cards

Financial Intelligence Centre
25 Jul 2022

Parliament seeks comment on draft amendments to Financial Intelligence Centre Act Schedules.

The act, signed in 2001, set up a Financial Intelligence Centre in order to combat money laundering activities.

Amendments are proposed to Schedule 1 on list of accountable institutions.

Accountable institutions include, inter alia, legal practitioners; a commercial juristic entity; a co-operative bank; a credit provider; South African Postbank Limited; money or value transfer provider; South African Mint Company; and clearing system participant.

Amendments are also proposed to Schedule 2 on list of supervisory bodies and Schedule 3 on list of reporting institutions.

Supervisory bodies include the Financial Sector Conduct Authority; South African Reserve Bank; Estate Agency Affairs Board; and provincial licensing authority as defined in section 1 of the National Gambling Act.

Proposed amendments to Schedule 3 focus on the removal of reference to motor vehicle dealers and dealers in Kruger Rands.

The standing committee on finance invites comment until 12 August 2022.

Public hearings are scheduled for 16 August 2022.

See also:

(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)
Get In Touch!

Banking & Finance Law articles by

Banking & Finance Law articles on GoLegal