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Purpose of the Financial Intelligence Centre Act, 2001
The Financial Intelligence Centre Act, 2001 (FICA) complements POCA. While POCA defines the
money laundering offences, FICA compels the business community to take steps to control and
prevent money laundering. FICA creates a number of compliance obligations for institutions such
as banks, estate agents, brokers, attorneys, insurance companies and motor dealers.
The Financial Intelligence Centre Act (FICA) does not stand alone in the legislative context; it is part of a broader sweep of legislation that currently includes:
• The Prevention of Organised Crime Act 121 of 1998 (POCA)
• The Financial Intelligence Centre Act 38 of 2001 (FICA)
• The Protection of Constitutional Democracy Against Terrorist and Related Activities Act 33 of 2004 (POCDATARA)
• The Prevention and Combating of Corrupt Activities Act 12 of 2004 (PRECCA).
These Acts interlock to form the legislative network to control money laundering in South Africa.
Financial Intelligence Centre Act 2001
Part 4: Measures to promote compliance by accountable institutions
43. Training and monitoring of compliance
1) An accountable institution must
a) provide training to its employees, to enable them to comply with the provisions of this Act and the internal rules applicable to them;
b) appoint a person with the responsibility to ensure compliance by
i) the employees of the accountable institution with the provisions of this Act and the internal rules applicable to them; and
ii) the accountable institution with its obligations under this Act.
Enforcement - Administrative Sanctions
Training of employees regarding the FIC Act and internal rules
Duty Section 43(a)
Administrative Sanction (maximum)
R50 million for legal person R10 million for natural person
Criminal Sanction (maximum)