CATEGORIES
- (2)Account / Profile
- (498)Accounting
- (6)Audit
- (97)Auditing and Assurance
- (1)Business
- (3)Business Rescue & Business Valuations
- (31)CIPC
- (6)Compliance
- (4)Ethics and Professionalism
- (18)Financial Reporting
- (3)Guides
- (2)Law
- (35)Legal and Compliance
- (2)Management
- (12)Money Laundering
- (1)Personal & Professional Development
- (1)Practice Management
- (1)Professional Ethics
- (1)Public Sector
- (22)Regulatory Compliance and Legislation
- (9)Sustainability Reporting
- (19)Tax
- (1)Tax Update
- (1)Technology
- Show All
FIC Amendment Act: More Sections in Force
- 22 August 2023
- Accounting
- South African Accounting Academy
Section 43 inserts a new section 56 in the principal statute, which now provides that an accountable institution failing to report the prescribed information in respect of an electronic transfer of money is not only guilty of an offence but also:
-
non-compliant, and
-
subject to an administrative sanction.
Section 6 simply changes the heading of the principal statute’s Chapter 3 to: “Money laundering, financing of terrorist and related activities and financial sanctions control measures”.
Access the FIC Amendment Act here: https://www.gov.za/sites/default/files/gcis_document/201705/408212-5act1of2017fcamendmentact.pdf
For more information, access our previous Technical Alert dated 23 January 2023 on the FIC Amendment Act here.
Click here to download the Gazetted Notice:
https://www.gov.za/sites/default/files/gcis_document/202308/49140gon3803.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
-
The Financial Intelligence Centre Amendment (FIC) Act 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.
-
As an auditor and independent reviewer, you need to consider amendments and regulations that are gazetted relating to FIC – specifically when certain sections become effective.
Relevance to Your Clients:
-
Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise, they could be held liable.
-
Relevant entities should be aware of amendments and regulations that are gazetted relating to FIC – specifically when certain sections become effective.