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Wednesday, 17 August 2016: The Financial Intelligence Centre (the FIC) in consultation with National Treasury, South African Reserve Bank and the Financial Services Board has published an Issue Paper on guidance required to implement the FIC Amendment Bill, 2016, on the FIC’s website today. Click here to read the Issue Paper.

The purpose of the Issue Paper is to elicit comments on aspects where accountable institutions will require guidance when the amendments to the Financial Intelligence Centre Act, 2001 (the FIC Act) take effect. The responses from commentators to the focus areas discussed in the Issue Paper will assist the FIC in developing a more comprehensive set of guidance products which will assist accountable institutions with the transition from a rules-based approach to a risk-based approach as well as to effectively implement the customer due diligence requirements that will be new to the FIC Act.  

Method of Submission

Respondents are requested to submit online written comments, representations or requests to the FIC electronically via an online response form which can be accessed by clicking here.

The online commentary period opens 01 September 2016 and closes 19 September 2016. Respondent institutions forming part of an accountable institution group (comprising more than one accountable institution) are requested to submit one response encompassing all responses from that group.

The FIC can be contacted for further information at the following telephone numbers:

Ms Poovindree Naidoo (012) 641 6236 / Ms Adri Potgieter (012) 641 6252.

Issued by: The Financial Intelligence Centre 17 August 2016

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