In terms of section 28 of the FIC Act, accountable institutions are obligated to report cash transactions exceeding certain limits.
In the Government Gazette published on 14 October 2022, the Minister of Finance increased the threshold for cash receipt reporting from R24 999 to R49 999, with effect from 14 November 2022. (Interestingly, in the 2021/2022 financial year, the FIC received more then 4,5 million cash threshold reports.)
- The period in which such cash receipts must be reported to the FIC, has been extended and the report must reach the FIC within 3 business days (no longer 2).
- The aggregation requirement is abolished. In other words, the requirement to report a cash receipt if the threshold represents the sum of separate payments together making up R25000, is no longer required.
Read the full Government Gazette by accessing the link below:-