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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Financial Intelligence Centre Act, No. 38 of 2001

Long title


To establish a Financial Intelligence Centre in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities; [ [;] ] to provide for customer due diligence measures including with respect to beneficial ownership and persons in prominent positions; to provide for a risk based approach to client identification and verification; to provide for the implementation of financial sanctions and to administer measures pursuant to resolutions adopted by the Security Council of the United Nations; to clarify the application of the Act in relation to other laws; to provide for the sharing of information by the Centre and supervisory bodies; to provide for risk management and compliance programmes, governance and training relating to anti money laundering and counter terrorist financing; to provide for the issuance of directives by the Centre and supervisory bodies; to provide for the registration of accountable and reporting institutions; to provide for the roles and responsibilities of supervisory bodies; to provide for written arrangements relating to the respective roles and responsibilities of the Centre and supervisory bodies; to provide the Centre and supervisory bodies with powers to conduct inspections; to regulate certain applications to Court; to provide for administrative sanctions that may be imposed by the Centre and supervisory bodies; to establish an appeal board to hear appeals against decisions of the Centre or supervisory bodies;  to provide for arrangements on consultation with stakeholders; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.
_____________
[...unamended]
[...amended by Act 2004_033_027_20050211 Sch]
[...amended by Act 2008_011_028_20080827]
[...amended by Act 2017_001_060_20170502]


Table of contents
 
SECTION TITLE

ARRANGEMENT OF SECTIONS [...Title substituted by Act 2922_022A_054_20221229 by way of unmarked omission and marked insertion - was entitled "INDEX"] 
1. Definitions
1A.  Application of Act when in conflict with other laws [...inserted by Act 2008_011_002_20080827]

CHAPTER 1. FINANCIAL INTELLIGENCE CENTRE
2. Establishment
3. Objectives
4. Functions
5. General powers
6. Appointment of Director
7. Removal from office
8. Acting Director
9. Proof of appointment
10. Responsibilities of Director
11. Staff
12. Security screening of staff of Centre other than Director
13. Security screening of Director of Centre
14. Funds and financial year of Centre
15. Audit
16. Delegation

CHAPTER 2. ... [...Title amended by Act 2008_011_005_20080827 - was entitled "MONEY LAUNDERING ADVISORY COUNCIL"] [ ...repealed by Act 2017_001_005_20170502 - was entitled "CHAPTER 2. COUNTER-MONEY LAUNDERING ADVISORY COUNCIL"] 
17. ... [...repealed by Act 2017_001_005_20170502 - was entitled "Establishment"] 
18. ... [...repealed by Act 2017_001_005_20170502 - was entitled "Functions"] 
19. ... [...repealed by Act 2017_001_005_20170502 - was entitled "Composition"] 
20. ... [...repealed by Act 2017_001_005_20170502 - was entitled "Meetings and procedure"] 

CHAPTER 3. MONEY LAUNDERING, FINANCING OF TERRORIST AND RELATED ACTIVITIES AND FINANCIAL SANCTIONS CONTROL MEASURES [...Title amended by Act 2004_033_027_20050211 Sch - was entitled “CHAPTER 3. MONEY LAUNDERING CONTROL MEASURES”] [...Title amended by Act 2017_001_006_20170502 - was entitled "CHAPTER 3. CONTROL MEASURES FOR MONEY LAUNDERING AND FINANCING OF TERRORIST AND RELATED ACTIVITIES"]

Part 1. Customer due diligence [...Title amended by Act 2017_001_007_20170502 - was entitled "Duty to identify clients"]  
20A. Anonymous clients and clients acting under false or fictitious names [...inserted by Act 2017_001_008_20170502] 
21. Identification of clients and other persons
21A. Understanding and obtaining information on business relationship [...inserted by Act 2017_001_010_20170502] 
21B. Additional due diligence measures relating to legal persons, trusts and partnerships [...inserted by Act 2017_001_010_20170502] 
21C. Ongoing due diligence [...inserted by Act 2017_001_010_20170502] 
21D. Doubts about veracity of previously obtained information and when reporting suspicious and unusual transactions [...inserted by Act 2017_001_010_20170502]  [... Title amended by Act 2022_022A_024_20221229 - was entitled "Doubts about veracity of previously obtained information"]  
21E. Inability to conduct customer due diligence [...inserted by Act 2017_001_010_20170502] 
21F. Foreign politically exposed person [...inserted by Act 2017_001_010_20170502]  [... Title amended by Act 2022_022A_025_20221229 - was entitled "Foreign prominent public official"]  
21G. Domestic politically exposed person and prominent influential person [...inserted by Act 2017_001_010_20170502]  [... Title amended by Act 2022_022A_026_20221229 - was entitled "Domestic prominent influential person"]  
21H. Family members and known close associates [...inserted by Act 2017_001_010_20170502] 

Part 2. Duty to keep record
22. Obligation to keep customer due diligence records [...Title substituted by Act 2017_001_011_20170502 by way of unmarked omission - was entitled "Record to be kept of business relationship and transactions"]
22A. Obligation to keep transaction records [...inserted by Act 2017_001_012_20170502] 
23. Period for which records must be kept
24. Records may be kept in electronic form [ and ] by third parties [...Title amended by Act 2017_001_014_20170502 - was entitled "Records may be kept by third parties"] 
25. Admissibility of records 
26. ... [...repealed by Act 2017_001_016_20170502 - was entitled "Centre's access to records"] 

Part 2A. Financial sanctions [...inserted by Act 2017_001_017_20170502]
26A. Notification of persons and entities identified by Security Council of the United Nations [...inserted by Act 2017_001_017_20170502]
26B. Prohibitions relating to persons and entities identified by Security Council of the United Nations [...inserted by Act 2017_001_017_20170502]
26C. Permitted financial services and dealing with property [...inserted by Act 2017_001_017_20170502]

Part 3. Reporting duties and access to information
27. Accountable institutions, reporting institutions and persons subject to reporting obligations to advise Centre of clients [...Title amended by Act 2017_001_018_20170502 - was entitled "Accountable institutions to advise Centre of clients"]
27A. Powers of access by authorised representative to records of accountable institutions [...inserted by Act 2017_001_019_20170502]  [...Title amended by Act 2022_022A_031_20221229 - was entitled "Powers of access by authorised representative to records in respect of reports required to be submitted to Centre"] 
28. Cash transactions above prescribed limit
28A Property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council [...inserted by Act 2004_033_000_20050211] [...Title amended by Act 2017_001_020_20170602 - was entitled "Property associated with terrorist and related activities"]
29. Suspicious and unusual transactions
30. Conveyance of cash to or from Republic
31. Electronic transfers of money to or from Republic
32. Reporting procedures and furnishing of additional information
33. Continuation of transactions
34. Intervention by Centre
35. Monitoring orders
36. Information held by supervisory bodies and South African Revenue Service
37. Reporting duty and obligations to provide information not affected by confidentiality rules
38. Protection of persons making reports
39. Admissibility as evidence of reports made to Centre
40. Access to information held by Centre
41. Protection of confidential information
41A. Protection of personal information [...inserted by Act 2017_001_026_20170502] 

Part 4. Measures to promote compliance by accountable institutions
42. Risk Management and Compliance Programmes [...Title amended by Act 2017_001_027_20170502 - was entitled "Formulation and implementation of internal rules"]
42A.  Governance of anti-money laundering and counter terrorist financial compliance [...inserted by Act 2017_001_028_20170502]
42B.  Consultation process for issuing guidance [...inserted by Act 2017_001_028_20170502]
43. Training relating to anti-money laundering and counter terrorist financing compliance [...Title amended by Act 2017_001_029_20170502 - was entitled "Training and monitoring of compliance"]
43A. Directives [...inserted by Act 2008_011_014_20080827]
43B. Registration by accountable institution and reporting institution [...inserted by Act 2008_011_014_20080827]

Part 5. Referral and supervision
44. Referral of suspected offences to investigating authorities and other public bodies
45. Responsibility for supervision of accountable institutions

CHAPTER 4. OFFENCES AND PENALTIES [...Title amended by Act 2008_011_016(a)_20080827 - was entitled "OFFENCES AND PENALTIES"]
45A. Appointment of inspectors [...inserted by Act 2008_011_014_20090827]
45B. Inspections [...inserted by Act 2008_011_014_20080827]
45C. Administrative sanctions [...inserted by Act 2008_011_014_20090827]
45D. Appeals [...inserted by Act 2008_011_014_20090927]
45E. Establishment of appeal board [...inserted by Act 2008_011_014_20090827]
45F. Application to court [...inserted by Act 2008_011_014_20080827]
46. Failure to identify persons
46A.  Failure to comply with duty in regard to customer due diligence [...inserted by Act 2017_001_036_20170502]
47. Failure to keep records
48. Destroying or tampering with records
49. Failure to give assistance
49A. Contravention of prohibitions relating to persons and entities identified by Security Council of United Nations [...inserted by Act 2017_001_039_20170502]
50. Failure to advise Centre of client
51. Failure to report cash transactions
51A. Failure to report property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council [...inserted by Act 2008_011_017_20080827] [...Title amended by Act 2017_001_042_20170502 - was entitled "Failure to report property associated with terrorist and related activities"] 
52. Failure to report suspicious or unusual transactions
53. Unauthorised disclosure
54. Failure to report conveyance of cash or bearer negotiable instrument into or out of Republic [...Title amended by 2008_011_018_20080827 - was entitled "Failure to report conveyance of cash into or out of Republic]
55. Failure to send report to Centre
56. Failure to report electronic transfers
57. Failure to comply with request
58. Failure to comply with direction of Centre [...Title amended by Act 2008_011_021_20080827 - was entitled "Failure to comply with direction by Centre"] [...Title amended by Act 2017_001_044_20170502 - was entitled "Failure to comply with directives"
59. Failure to comply with monitoring order
60. Misuse of information
61. Failure to comply with duty in respect of Risk Management and Compliance Programme [...Title amended by Act 2017_001_046_20170502 - was entitled "Failure to formulate and implement internal rules"]
61A. Failure to register with Centre [...inserted by Act 2008_011_023_20080827]
61B. Failure to comply with duty in regard to governance [...inserted by Act 2017_001_047_20170502]
62. Failure to provide training [...Title amended by Act 2017_001_048_20170502 - was entitled "Failure to provide training or appoint compliance officer"]
62A. Offences relating to inspection [...inserted by Act 2008_011_024_20080827]
62B. Hindering or obstructing appeal board [...inserted by Act 2008_011_024_20080827]
62C. Failure to attend when summoned [...inserted by Act 2008_011_024_20080827]
62D. Failure to answer fully or truthfully [...inserted by Act 2008_011_024_20080827]
62E. Failure to comply with directives of Centre or supervisory body [...inserted by Act 2017_001_049_20170502]
63. Obstructing of official in performance of functions
64. Conducting transactions to avoid reporting duties
65. ... [... deleted by Act 2020_019_058_20210601 Sch - was entitled "Unauthorised access to computer system or application or data"]
66. ... [... deleted by Act 2020_019_058_20210601 Sch - was entitled "Unauthorised modification of contents of computer system"]
67. ... [... deleted by Act 2020_019_058_20210601 Sch - was entitled "Definitions"]
68. Penalties
69. Defences
70. Search, seizure and forfeiture
71. Jurisdiction of courts

CHAPTER 5. MISCELLANEOUS
72. Act not to limit powers of investigating authorities or supervisory bodies
73. Amendment of list of accountable institutions
74. Exemptions for accountable institutions
75. Amendment of list of supervisory bodies
76. Amendment of list of reporting institutions
77. Regulations
77A. Arrangements for consultation with stakeholders [...inserted by Act 2017_001_057_20170502]
78. Indemnity
79. Amendment of laws
79A. Amendment of list of domestic politically exposed persons [...inserted by Act 2017_001_058_20170502]  [...Title amended by Act 2022_022A_047_20221229 - was entitled 'Amendment of list of domestic prominent influential persons"]
79B. Amendment of list of foreign politically exposed persons [...inserted by Act 2017_001_058_20170502] [...Title amended by Act 2022_022A_048_20221229 - was entitled 'Amendment of list of foreign prominent public officials"]
79C. Amendment of list of prominent influential person [...inserted by Act 2022_022A_049_20221229] 
80. Status of footnotes
81. Transitional arrangements
82. Short title and commencement
Sch. 1. SCHEDULE 1. LIST OF ACCOUNTABLE INSTITUTIONS [s1]
Sch. 2.  SCHEDULE 2. LIST OF SUPERVISORY BODIES [s1]
Sch. 3.  SCHEDULE 3. LIST OF REPORTING INSTITUTIONS [s1]
Sch. 3A.  SCHEDULE 3A. DOMESTIC POLITICALLY EXPOSED PERSON [s1; s79A] [...inserted by Act 2017_001_059_20170402]  [...Title amended by Act 2022_022A_051_20221229 - was entitled 'SCHEDULE 3A. DOMESTIC PROMINENT INFLUENTIAL PERSON"]
Sch. 3B.  SCHEDULE 3B. FOREIGN POLITICALLY EXPOSED PERSON [s1; s79B] [...inserted by Act 2017_001_059_20170402]  [...Title amended by Act 2022_022A_052_20221229 - was entitled 'SCHEDULE 3B. FOREIGN PROMINENT PUBLIC OFFICIAL"]
Sch. 3c. SCHEDULE 3C. PROMINENT INFLUENTIAL PERSON [s1; s18; s49; s54] [... inserted by Act 2022_022A_053_20221229] 
Sch. 4. SCHEDULE 4.  [sic - actual title of Sch4 is not as indexed in TOC] [s79]

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NOTE: Act 2001_038_000 Sch1 ito s73, Sch2 ito s75, Sch3 ito s76, Sch3A ito s79A, Sch3B ito s79B, Sch3C ito s79C may be amended by the Minister by way of Gazette notices - please refer Gazettes for the text of amended Schedules
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As amended by Act 2008_011_000_20080827 .
Sch1 amended by GG20101126_33781_0000_1104 .
Sch2 amended by GG20101126_33781_0000_1105 .
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As amended by Act 2013_011_000_20130723 .  N/A REQ.INFO LINK
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