Image
Icon

Directory

IconAppraisers and Valuers
IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDefensive Driver Training
IconEmergency Medical Rescue
IconForensic Investigation Services
IconInsurance Brokers - Alphabetical Listing
IconInsurance Brokers by Type of Product or Service Needed
IconInsurance Companies
IconInsurance Consultants
IconLightning Damage & Surge Protection Specialists
IconOmbud
IconOnline Quotes and Cover
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconTelephone Quotes
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
Advertise Here
  Subscribe To »
IconREGULATORY AUTHORITIES

Financial Intelligence Centre - RSA

Visit company website »
Back to previous page »

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.

Advertise Here
Image
Image
Advertise Here

From The Glossary »

Icon

Investment Manager:

A person appointed by a fund in terms of an agreement or policy whereby the board of trustees delegates its function to invest the fund's assets.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2021. All Rights Reserved.