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MONEY LAUNDERING AND TERRORIST FINANCING: EMPLOYEE SCREENING DIRECTIVE GAZETTED
- 02 April 2023
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre (FIC) has gazetted a directive requiring all accountable institutions to:
- screen prospective and current employees for ‘competence and integrity’, and
- scrutinise employee information in the light of ‘applicable targeted financial sanctions lists’.
Issued under section 43(1)A of the Financial Intelligence Centre Act, 2001, as amended, the directive is described as ‘a money laundering, terrorist financing and proliferation financing control measure’.
Inserted in the principal statute by the Financial Intelligence Centre Amendment Act, 2008, section 43(1)A allows the FIC to issue directives on measures to promote compliance by accountable institutions
Gazetted on 2 April 2023, the directive came into force on 31 March 2023 (the date of its covering notice).
According to a FIC notice on the new directive, stakeholder consultations took place between July and August 2022. Input is reflected in a feedback document apparently posted on the FIC website well after the directive was gazetted, with the notice.
Published by SA Legal Academy Policy Watch