Tag: Unusual Transaction Report (STR)
Accountable institutions and their FIC Act obligations
The Financial Intelligence Centre (FIC) is set to include more sectors under its purview as accountable institutions while addressing gaps that may exist in the country’s anti-money laundering and counter-terrorist financing framework.
General obligations for accountable institutions in terms of the FIC Act
Businesses that are considered as vulnerable to being abused for money laundering and terrorist financing purposes by criminals are listed as accountable institutions in terms of the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). And, as such, these institutions must meet certain regulatory obligations that are designed to help combat financial crime.
