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Tag: Know Your Customer (KYC)
In the past 20 years, threats and incidents of terrorism have grabbed global headlines and urged nations to step up laws against not only the act but also the financing of terrorist activities. In South Africa more recently, the spotlight fell on the threat of terrorism after a spate of incidents in which alleged bombs were placed in shopping centres around Durban.
The Financial Intelligence Centre Act, No 38 of 2001 (FICA) is a piece of legislation introduced in South Africa to combat money laundering and the financing of terrorism (MLFT).