Tag: Money Laundering and Financing of Terrorism (MLFT)
Freezing of clients’ account prohibited in certain circumstances
The Financial Intelligence Centre Act, 38 of 2001 (FIC Act), places an obligation on accountable institutions to identify clients, to keep record of transactions, to report various transactions and to take measures to promote compliance with the provisions of the FIC Act.
FICA amendments impact South African Accountable Institutions
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).
