In the world of compliance the Financial Intelligence Centre (FIC) can be envisioned as the Batman of combating money laundering and terrorist financing, which means that Accountable Institutions can take the role of the reliable sidekick Robin, assisting the FIC and being financial crime superheroes in their own right by alerting the FIC the moment they form a suspicion.
According to the Financial Intelligence Centre Act (FICA), Accountable Institutions are obligated to report any suspicious behaviour or transactions and so we have put together a handy guide to identifying and reporting suspicious behaviours and transactions. In the guide, we unpack each of the following reporting duties set out in chapter 3 of the FIC Act:
Section 28: Cash transactions above the prescribed limit.
Section 28A: Property associated with terrorist and related activities.
Section 29: Suspicious and unusual transactions.
Our DocFox compliance team is here to assist you, whether it be with the preparation for a FIC inspection, response to a FIC report, guidance on how to submit Suspicious Activity or Transaction Reports, or any other FICA related questions. Get in touch compliance@docfox.co.za.
Click the button below to access your copy of our guide to identifying and reporting suspicious behaviours and transactions and awaken the financial crime superhero within you.