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Money Laundering amendments
- 01 February 2023
- Accounting
- South African Accounting Academy
National Treasury has gazetted further changes to the 2001 money laundering control regulations, which were amended in 2005 and again in 2010. In force from 1 February 2023, the latest amendments focus on international fund transfer reporting. They should probably be read with the Financial Intelligence Centre’s (FIC’s) revised draft guidance note, which was released on 19 January 2023 for public comment.
The Financial Intelligence Centre (FIC) previously embarked upon a second round of consultations on draft guidelines for reporting on international fund transfers. Initially released in 2019 for stakeholder input, their purpose is to assist accountable institutions in meeting their obligations under the FIC Act. The revised draft reflects some input received during the first round of consultations, which is the focus of an accompanying consultation feedback note.
Once finalised, the guidelines are expected to assist in implementing section 31 of the FIC Act (electronic money transfers), read together with the regulations 23D, 23E and 24 of the 2001 money laundering control regulations, as amended in 2005 and 2010. (PLEASE NOTE: National Treasury gazetted further amendments, which commenced on 1 February 2023). The revised draft guidance note can be accessed on http://230116%20fic%20iftr%20draft%20gn104a.pdf/
Click here to download the Government Gazette containing the amendments:
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 and regulations that are gazetted relating to FIC – specifically Money Laundering and Terrorism Financing Control Regulations.
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 Money Laundering and Terrorism Financing Control Regulations.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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