Page 53 - Nexia SAB&T Business in South Africa Guide 2024

THE FINANCIAL INTELLIGENCE CENTRE ACT, 38 OF 2001

FICA is a comprehensive piece of legislation dealing with money laundering
controls, with the aim of fighting organised crime and terrorism, both locally and
internationally.
FICA identifies certain sectors within business as particularly vulnerable to money
laundering and terror financing. These sectors are legally required to register
with the Financial Intelligence Centre (FIC) as an “Accountable Institution” (AI).
They are required to take steps regarding client identification, record-keeping,
reporting of information and internal compliance structures. An AI includes, inter
alia a person who carries on the business of a bank (as defined in the Banks
Act, 1994 of 1990), an estate agent, attorney, a board of executors or a trust
company, a person who carries on the business of dealing in foreign exchange,
and long-term insurance service providers, as well as those now included in the
list on the previous page.

Cash transactions and FICA
AI’s are required to file a “cash threshold report” with FIC in regard to any cash
transactions involving domestic and foreign notes and coins, and travellers
cheques above R49 999 or an aggregate thereof.
SA is a member of the Financial Action Task Force, the international body which
sets standards and policy on anti-money laundering and for combating the
financing of terrorism.

THE PROTECTION OF PERSONAL INFORMATION ACT, 4 OF 2013

The Protection of Personal Information Act (POPIA), is aimed at bringing SA in
line with international standards of protection of personal data. It applies to any
person or organisation who keeps any type of records relating to the personal
information of anyone, (unless those records are subject to other legislation
which protects such information more stringently). It regulates the “processing”
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