From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Regulations in terms of the Financial Intelligence Centre Act No. 38
(enacted in 2002)
Pursuant to Section 77 of the Financial Intelligence Centre Act No. 38 of 2001 (FICA), the Minister of Finance of South Africa has set out these regulations, which include the following chapters:
- Chapter 1 Establishment and verification of identity;
- Chapter 2 Record Keeping;
- Chapter 3 Client Profile;
- Chapter 4 Reporting of Suspicious and Unusual Transactions;
- Chapter 5 Internal Rules; and
- Chapter 6 Miscellaneous: concerning guidance notes, offences and penalties, and title and commencement.
The act under which these regulations were promulgated, FICA, and the Financial Intelligence Centre Amendment Act No. 11 can be found under “Related Laws/Regulations.”