FIC: Guidance Note 7B re Implementation of various aspects of FICA

---

FIC: Guidance Note 7B re Implementation of various aspects of FICA

• 06 August 2026
• Miscellaneous
• South African Accounting Academy

Summary:
The Financial Intelligence Centre (FIC), in collaboration with the National Treasury, South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA) has published, has issued Guidance Note 7B to include references to proliferation financing (PF) and updates to various other aspects of FICA compliance.

Article:

Guidance Note 7B (GN 7B) provides technical updates to Chapter 1 of the Revised Guidance Note 7A. Changes have been made to GN 7B to insert proliferation financing (PF) throughout the document, where there is reference to money laundering and terrorist financing.

GN 7B further provides an update on the risk assessment of the implementation of new technologies, systems and controls, as well as to clarify the circumstances under which simplified due diligence should not be applied.

The FIC published paragraphs 7A, 37A, 40A and 58A of the draft Guidance Note 7B on 12 June 2026, inviting written comments from all accountable institutions, supervisory bodies and reporting persons by 26 June 2026. The FIC received comments from the banking industry, crypto asset service providers, legal practitioners and various other persons. Refer to our previous Alert on Draft GN 7B dated 6 July 2026

Comments have been considered in the compilation of the final GN7B. Guidance Note 7A was issued on 13 February 2025. This Revised Guidance Note 7A was issued on 1 September 2025. Guidance Note 7B replaces the Revised Guidance Note 7A, Guidance Note 7A and Guidance Note 7 from the date of its publication – which is 3 August 2026. Guidance Note 7B was published by FIC in terms of section 4(c) of FICA – which authorises FIC to issue official interpretations, guideline, and compliance measures. 

Contents:

• Chapter 1 - Adoption of a risk-based approach (with detailed information on General principles)
• Chapter 2 - Customer Due Diligence measures
• Chapter 3 - Record keeping
• Chapter 4 - Risk Management and Compliance Programme
• Chapter 5 - Implementation of the United Nations Security Council Resolutions relating to the Freezing of Assets

For queries, please contact the FIC's compliance contact Centre on 012 641 6000, select option 1, or submit a web query by clicking on: https://www.fic.gov.za/compliance-queries-2/  

Click here to download the 77-page document:

https://www.fic.gov.za/wp-content/uploads/2026/08/Guidance-Note-7B-–-Implementation-of-various-aspects-of-the-FIC-Act.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• The Financial Intelligence Centre Act (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.
• As an auditor and independent reviewer, you need to consider amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.
• As an Accountable Institution, you need to be up to date with all communication from FIC to ensure their compliance, or face administrative sanctions.

Relevance to Your clients:

• Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable. This includes online submission of their RMCP to FIC, as well as submitting other relevant report as required by FICA.
• Relevant entities should be aware of amendments, regulations, guidance and directives that are gazetted relating to FIC and accountable institutions, to ensure that they comply with their reporting obligations.

• All accountable institutions need to be up to date with all communication from FIC to ensure their compliance, or face administrative sanctions.

0 COMMENTS

LEAVE A COMMENT