FIC Guidance on Regulatory Mandate and Financial Crime

Posted 09 February 2026 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The Financial Intelligence Centre (FIC) has issued a guidance update outlining its core functions and collaborative mandate in safeguarding the South African financial system.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the FIC operates as the national centre for the receipt, analysis, and dissemination of financial intelligence. This mandate is designed to identify the proceeds of crime and combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.

To ensure the integrity of the financial system, the FIC actively collaborates with various domestic and international bodies, including:

  • Law enforcement agencies;
  • Investigative bodies; and
  • Prosecutorial authorities.

The FIC emphasizes that financial crime has a profound human cost and can significantly erode consumer confidence and investor assurance. By providing financial intelligence to the relevant authorities, the FIC assists in the containment of illicit activities and ensures that criminals are unable to benefit from the proceeds of their actions.

Accountable institutions are reminded of their statutory obligations to register with the FIC and to report suspicious and unusual transactions as required by the regulatory framework. This collaborative approach is essential for maintaining a transparent and secure financial environment in South Africa.

Click here to view the original notice: 5 Things to know about the FIC

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

  • For yourself: Ensure you are registered as a user on the FIC’s goAML platform if you perform compliance or reporting functions for an accountable institution.
  • For your business: Review and update your firm’s Risk Management and Compliance Programme (RMCP) to ensure it aligns with the latest FIC guidance on identifying and reporting suspicious transactions.
  • For your clients: Clients classified as accountable institutions must maintain rigorous Customer Due Diligence (CDD) records and adhere to reporting deadlines to avoid administrative sanctions and penalties under FICA.

Originally published at https://accountingacademy.co.za/news/read/5-things-to-know-about-the-fic

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