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FINANCIAL INTELLIGENCE CENTRE: INTERNATIONAL FUND TRANSFER GUIDELINES OUT FOR COMMENT
- 19 January 2023
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre (FIC) has 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: the day after this article was published, National Treasury gazetted further amendments, which are due to commence on 1 February 2023)
Submissions should be made by close of business on 1 February 2023, using the online form provided.
- FIC notice calling for input
- revised draft guidance note
- consultation feedback note
- online input form
Published by SA Legal Policy Watch