CREDIT PROVIDER SCOPE INTERPRETATION: FICA ISSUES FINAL COMPLIANCE COMMUNICATION

CREDIT PROVIDER SCOPE INTERPRETATION: FICA ISSUES FINAL COMPLIANCE COMMUNICATION

• 31 March 2026
• Financial Sector
• SA Legal Academy

The Financial Intelligence Centre (FIC) has published a final compliance communication providing guidance on interpreting the ‘scope and practical application’ of the term ‘credit provider’ as defined in the 2001 FIC Act, as amended – and designated under its revised Schedule 1, which came into effect in December 2022.

According to the communication, Item 11 of the Act’s amended Schedule 1 defines a ‘credit provider’ as a person who:

• carries on the business of a credit provider as defined in the 2005 National Credit Act, and/or
• carries on the business of providing credit in terms of any credit agreement that is excluded from the application of the National Credit Act by virtue of its sub-sections 4(1)(a) or (b), dealing with credit agreements.

The communication follows a consultation process begun in December 2022 – and augmented with the release of a second draft in December 2024, as SA Legal Academy reported at the time. A consultation feedback document was released with the final version, which includes an overview of ‘certain’:

• anti money laundering, counter terrorist financing and counter proliferation financing ‘vulnerabilities’, as well as
• ‘potential risk indicators’.

Please click the links below for more information:

• final compliance communication
• consultation feedback
• FIC notice
• FIC Act Schedule 1, as amended
• National Credit Act, with amending legislation

Published by SA Legal Academy Policy Watch

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