FINANCIAL INTELLIGENCE: INPUT SOUGHT ON RISK & COMPLIANCE RETURN PROPOSALS

FINANCIAL INTELLIGENCE: INPUT SOUGHT ON RISK & COMPLIANCE RETURN PROPOSALS

• 11 March 2026
• National Treasury
• SA Legal Academy

The Financial Intelligence Centre (FIC) has called for input by 25 March 2026 on a draft directive requiring specific accountable institutions under the 2001 FIC Act to submit risk and compliance returns within prescribed timeframes. This is noting that:

• the draft directive:
  • is underpinned by international Financial Action Task Force requirements, and
  • does not apply to banks, mutual banks or co-operative bank credit providers, and that
• the accompanying consultation note includes links to:
  • a composite general questionnaire, and
  • industry-specific questionnaires (one of which is for legal practitioners).

Once finalised and in force, the directive is expected to assist the FIC to:

• ‘gather relevant information at an individual entity level from … specified accountable institutions’, and
• enable the FIC to ‘better understand, assess, mitigate and monitor the money laundering, terrorism financing and proliferation financing risks at an individual accountable institution level’.

Please click the links below for more information:

• draft directive
• accompanying consultation note
• legal practitioners’ questionnaire

Published by SA Legal Academy Policy Watch

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