ZA - South Africa

AML/CTF compliance in South Africa

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MemberCheck's solutions for South Africa

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Assess and mitigate the risk of doing business with high-risk clients with our Enhanced Due Diligence service.

South Africa's AML/CTF supervisor

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The Financial Intelligence Centre (FIC)

The FIC was established in terms of the FIC Act. The Act works together with the Prevention of Organised Crime Act, (POCA), the Protection of Constitutional Democracy Against Terrorist and Related Activities Act (POCDATARA Act), the South African Police Service Act, (SAPS Act) and the National Strategic Intelligence Act.

The FIC Act Accountable Institutions (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism. POCA criminalises money laundering and provides for the confiscation and forfeiture of the proceeds of crime. The POCDATARA Act provides measures to counter the financing of terrorism.

How to comply with FICA regulations in South Africa

The following businesses are considered Accountable Institutions:

As an Accountable Institution, you need to ensure that you:

The risk-based approach allows each Accountable Institution to assess its own exposure to the potential of its products and services being used to launder money or finance terrorism and implement the necessary controls to mitigate these risks. The RMCP documents these risks and controls and demonstrates how each risk is mitigated by the relevant controls.

What are my AML/CTF reporting obligations?

As an Accountable Institution, you must report certain transactions and suspicious matters to the FIC. Your reporting obligations include:

How can
MemberCheck Help?

We provide our clients with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise, and reduce the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance, for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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