FIC: Revised Guidance Note 7A on FICA Compliance

Posted 04 September 2025 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has released Revised Guidance Note 7A (Revised GN 7A) to provide updated technical guidance on compliance with the Financial Intelligence Centre Act, No. 38 of 2001 (FICA).

In terms of the regulatory framework, Revised GN 7A entirely replaces the previous Guidance Note 7A, which was published on 13 February 2025, as well as Guidance Note 7, which was published on 2 October 2017. This revision is intended to bring the FIC’s guidance into alignment with the General Law (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, No. 22 of 2022 and the Public Compliance Communication 59 (PCC 59).

The revised guidance focuses on the practical application of the risk-based approach mandated by FICA, specifically regarding the following compliance elements:

  • The development and implementation of a Risk Management and Compliance Programme (RMCP);
  • Customer Due Diligence (CDD) procedures and the identification of clients;
  • The identification and verification of beneficial ownership in accordance with the standards set out in PCC 59; and
  • The ongoing monitoring of business relationships to mitigate money laundering and terrorist financing risks.

By adhering to the technical updates in Revised GN 7A, accountable institutions are required to demonstrate a clear understanding of their exposure to financial crime risks and ensure their internal controls are robust enough to protect the integrity of the South African financial system.

Click here to download Revised Guidance Note 7A — Implementation of various aspects of the FIC Act.

What this means for you, your business, or your clients

  • For yourself: You must familiarise yourself with the updated definitions of beneficial ownership and the technical nuances of the risk-based approach as detailed in the General Law Amendment Act, No. 22 of 2022.
  • For your business: Your firm must immediately review and update its Risk Management and Compliance Programme (RMCP) to ensure it reflects the revised standards and replaces any references to the superseded Guidance Note 7.
  • For your clients: You must advise clients, particularly those with complex legal structures, that they will be subject to more rigorous beneficial ownership transparency requirements during the Customer Due Diligence (CDD) process.

Originally published at https://accountingacademy.co.za/news/read/fic-revised-guidance-note-7a-on-various-aspects-to-comply-with-fica

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