SOUTH AFRICA: AMENDMENTS TO THE MONEY LAUNDERING AND TERRORIST FINANCING CONTROL REGULATIONS 2002 PUBLISHED UNDER FICA
On 14 October 2022, the Minister of Finance, in terms of section 77 of the Financial Intelligence Centre Act 2001 (FICA), published amendments to the Money Laundering and Terrorist Financing Control Regulations 2002 (FICA Regulations).
The amendments relate to Regulations 22B, 22C and 24, which deal with the reporting of cash transactions that exceed the prescribed limit under section 28 of FICA and include:
- Regulation 22B
The prescribed amount of cash in excess of which a cash transaction must be reported to the Financial Intelligence Centre (FIC) under section 28 of FICA has been amended from ZAR 24 999.99 to ZAR 49 999.99.
- Regulation 22C
The information that has to be provided to the FIC when completing a cash transaction report under section 28 of FICA has been amended to include additional information.
- Regulation 24
The time period within which a cash threshold report must be filed with the FIC set out in Regulation 24(4) of the FICA Regulationshas been amended from two days to three days.
The amendments to Regulations 22B, 22C and 24 of the FICA Regulations will take effect on 14 November 2022. All amendments to the FICA Regulations can be accessed here.