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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Directives

Directive of failure to report as required by the Financial Intelligence Centre in terms of the Financial Intelligence Centre Act

Directive 3A of 2025

2. Directive

 

2.1 This Directive is effective from date of its publication in the Government Gazette.

 

2.2 Where a person or institution becomes aware of a reporting failure to the Centre such person or institution has to mitigate the loss of intelligence data to the Centre in the following manner:

 

2.2.1 Inform the Centre in writing of the reporting failure immediately after becoming aware of such failure.  The notification must be sent to the Executive Manager, Compliance and Prevention, Financial Intelligence Centre.

 

2.2.2 Request an engagement with the Centre to discuss relevant mitigation factors.

 

2.3 The subsequent arrangements for the mitigation of lost intelligence due to a failure to report does not imply condonation of the failure to report information to the Centre, nor does it absolve the reporter from its continuing reporting obligations under the FIC Act or prevent enforcement action being taken by the relevant supervisory body.