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5 Things to know about the FIC
- 09 February 2026
- Money Laundering
- South African Accounting Academy
Summary
The Financial Intelligence Centre (FIC) has published an article emphasising five things that you should know about the FIC.
Article:
Financial crime can have a devastating effect on financial systems, consumer confidence and assurance of investors. More importantly, financial crime can occur at profound human cost.
Without the necessary safeguards or concerted containment efforts, criminals get to reap the benefits of their actions and continue the vicious cycle.
To help ensure the safety and integrity of South Africa’s financial system, the Financial Intelligence Centre (FIC) actively collaborates with other law enforcement agencies, investigative bodies, and prosecutorial authorities.
Here are 5 things you should know about the FIC:
- Following the money to identify wrongdoing
- Producing financial intelligence
- Ensuring South Africa conforms to global standards
- Forging a united front against financial crime
- Enforcing compliance
Administrative sanctions may include:
- A caution not to repeat the conduct that led to the non-compliance
- A formal reprimand
- A directive to take remedial action
- A financial penalty of up to R10 million for a natural person, and up to R50 million for a legal person.
Click here to access the article:
https://www.fic.gov.za/2026/01/15/5-things-to-know-about-the-fic/
Relevance to Auditors, Independent Reviewers & Accountants:
- FICA is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FIC – to enable their assessment of accountable institutions’ compliance with FICA.
- When advising clients or performing this function on their behalf, practitioners should be aware of the finer details and specific guidance on failure to report to FIC.
- As an accountable, you also need to comply with FICA in your workplace.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the FICA, and accountable institutions should fulfil their reporting obligations, otherwise non-compliance could lead to financial sanctions.
- Relevant Accountable Institutions (companies and CCs) should be aware of the latest publications and guidance issued by regulators, such as the FIC.