FIC Invites Comment on Draft FICA Implementation Guidelines

Posted 12 June 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: The Financial Intelligence Centre (FIC) has published a draft guidance note aimed at clarifying the implementation of specific compliance provisions under the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), and has invited public comment on the draft.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001, the FIC released the draft guidance note alongside an official consultation notice. The draft document seeks to clarify compliance and implementation obligations for accountable institutions.

Stakeholders and affected parties have until 26 June 2026 to submit written representations and comments on the draft guidelines to the FIC.

The guidance note is intended to assist institutions in understanding and executing their statutory duties under the Act, particularly regarding customer due diligence, record-keeping, and reporting obligations.

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

  • For yourself: No direct individual obligations; your role is to review the draft guidelines to understand upcoming changes in compliance interpretation.
  • For your business: If your firm is an accountable institution under Schedule 1 of FICA, you must review the draft guidelines and submit comments by 26 June 2026 if the proposed interpretations impact your Risk Management and Compliance Programme (RMCP).
  • For your clients: You can advise clients who are accountable institutions to prepare for potential adjustments to their customer due diligence and reporting workflows based on the clarified guidelines.

Originally published at https://legalacademy.co.za/news/read/financial-intelligence-centre-act-draft-implementation-guidelines-out-for-comment

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