6A – Guidance on trust and company service providers as Item 2 in Schedule 1 of the Financial Intelligence Centre Act, 2001 These amendments are aimed at further strengthening South Africa's anti-money laundering, counter-terrorism financing, and counter-proliferation financing legislative regime. Nedbank slapped with R35m administrative sanction The IFTR must also contain the prescribed particulars stipulated in Regulation 23E. The IFTR must be filed with the FIC within three days of the transaction or transfer date. Section 31 of FICA, read with Regulations 23D and 24(5) of the Money Laundering and Terrorist Financing Control Regulations, 2002 (Regulations), places an obligation on accountable institutions to file an international funds transfer report (IFTR) with the Financial Intelligence Centre (FIC) when sending or receiving electronic transfers of money from outside or into the Republic involving amounts above R19,999 on behalf of, or on the instruction of another person. Section 43 of the Act amends section 56 of FICA to include subsection (2), which provides that: (2) An accountable institution that fails to report to the Centre the prescribed information in respect of an electronic transfer of money in accordance with section 31, is non-compliant and is subject to an administrative sanction. The heading of Chapter 3 now reads: ‘Money Laundering, Financing of Terrorism and Related Activities and Financial Sanctions Control Measures’. Section 6 amends the heading of Chapter 3 to the Financial Intelligence Centre Act, 38 of 2001 (FICA).
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