Financial Intelligence: Input Sought on Risk & Compliance Return Proposals

Posted 11 March 2026 Written by Acts Online
Category National Treasury

Brought to you by SA Legal Academy: The Financial Intelligence Centre (FIC) has issued a draft directive for public comment regarding mandatory risk and compliance returns for accountable institutions. While the consultation period ends on 25 March 2026, a final directive was gazetted on 21 March 2026 and is set to come into force on 1 April 2026.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the proposed directive requires specific accountable institutions listed in Schedule 1 to submit periodic returns within prescribed timeframes. These returns are designed to provide the FIC with essential data to identify, assess, and monitor risks associated with money laundering (ML), terrorist financing (TF), and proliferation financing (PF).

The FIC intends to utilise the information gathered through these returns to:

  • Identify and assess the ML, TF, and PF risks across different sectors;
  • Assess the level of institutional compliance with the Financial Intelligence Centre Act, No. 38 of 2001; and
  • Facilitate a risk-based approach to supervision and monitoring.

The directive applies to all accountable institutions that fall under the FIC’s supervisory purview. Failure to comply with the reporting requirements once the directive is in force may result in administrative sanctions as provided for in section 45C of the Act.

Click here to download the final directive gazetted on 21 March 2026.

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

  • For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the requirement to oversee the accuracy of regulatory filings.
  • For your business: Accountable institutions must update internal compliance frameworks and data collection systems to ensure they can meet the specific reporting templates and deadlines mandated by the FIC starting 1 April 2026.
  • For your clients: Clients classified as accountable institutions must be advised of the 25 March 2026 deadline for input and the subsequent mandatory obligation to file risk and compliance returns to avoid administrative penalties.

Originally published at https://legalacademy.co.za/news/read/financial-intelligence-input-sought-on-risk-compliance-return-proposals

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