The Minister of Finance, in terms of the Financial Intelligence Centre Act, 38 of 2001 (“FICA”), published proposed amendments to Schedules 1, 2 and 3 of FICA for public comment. The proposed amendments seek to align FICA with the current International Standards of the Financial Action Task Force (“FATF”) as well as with recent legislative amendments. Please view a summary at the link below.

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    Proposed amendments to Schedule 1:
    Expansion of the Schedule 1 list of entities subject to the customer due diligence, risk management and compliance obligations set out in FICA (accountable institutions). These entities will include crypto asset service providers, high-value goods dealers and co-operative banks, among others; and

    Technical amendments to the Schedule 1 list of entities, to align Schedule 1 with recent legislative changes.

    Proposed amendments to Schedule 2:
    The respective supervisory bodies currently responsible for supervising non-financial accountable institutions have been removed (e.g. the National Gambling Board which supervises the FICA compliance of persons who carry on the business of making gambling activity available). The supervision of non-financial accountable institutions will become the responsibility of the Financial Intelligence Centre.

    Deletion of Schedule 3:
    As a result of the inclusion of the “high value goods” category of entities in Schedule 1, Schedule 3 will be deleted and the current reporting institutions (motor vehicle and Krugerrand dealers) will now be included in the new category of high value goods dealers under schedule 1. [read more …]


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