Financial Intelligence Centre - RSA
The Financial Intelligence Centre (the Centre) was established in the Republic of South Africa under the FIC Act No. 38 of 2001, in February 2002. The Centre started receiving reports on suspicious and unusual transactions on 3 February 2003.
The FIC Act also sets up a regulatory anti-money laundering regime which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. By doing this the Act aims to maintain the integrity of the financial system. Apart from the regulatory regime the FIC Act also creates the Financial Intelligence Centre.
The regulatory regime of the FIC Act imposes 'know your client', record-keeping and reporting obligations on accountable institutions. It also requires accountable institutions to develop and implement internal rules to facilitate compliance with these obligations.
The FIC Act is the result of 5 years of investigation and development. It complements and works with the Prevention of Organised Crime Act, No. 121 of 1998 which contains the substantive money laundering offences.