Financial Intelligence Centre Act
Financial Intelligence Centre Act, 2001 (Act no 38 of 2001) (FICA)
The NGB further monitors compliance to the FICA, 2001 (Act no 38 of 2001) by conducting inspections on licensees and also interacts with the Financial Intelligence Centre (FIC) on a regular basis in order to formulate guidance notes, ensure compliance by accountable institutions, improve the efficiency of reducing money laundering and financing of terrorism, implement all measures of eliminating money laundering and financing of terrorism.
All the above is done through regular meetings, with the FIC, participating in the Money Laundering Advisory Council (MLAC) that advises the Minister, participating in working groups of the MLAC, conducting inspections, legislation review and inputs to the FIC, and interaction with all relevant parties to combat money laundering and financing of terrorism. Detailed legislation and requirements of institutions related to combating money laundering can be obtained from http://www.fic.gov.za/Default.aspx.
These licences are renewable and the licensees are subject to continuous monitoring by the PLAs to ensure compliance.
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