Taxonomies
- Subject areas > Business, Trade and Industry
- Subject areas > Energy and Natural Resources
- Subject areas > Environment, Climate and Wildlife
- Subject areas > Finance and Money
Related documents
South Africa
Financial Intelligence Centre Act, 2001
Money Laundering Control Regulations, 2002
Government Notice R1595 of 2002
- Published in Government Gazette 24176 on 20 December 2002
- There are multiple commencements
- [This is the version of this document as it was from 1 October 2010 to 30 November 2010.]
Provisions | Status |
---|---|
Chapter 4 (section 22–24); Chapter 6, section 29(7), 29(9) |
commenced on 3 February 2003.
Note: See section 30(2) |
Section 1; Chapter 1 (section 2–19); Chapter 2 (section 20); Chapter 3 (section 21); Chapter 5 (section 25–27); Chapter 6, section 28, section 29(1), 29(2), 29(3), 29(4), 29(5), 29(6), 29(8), section 30 |
commenced on 30 June 2003.
Note: See section 30(3) |
Chapter 4, section 22(1)(a), 22(1)(b), section 22A, section 23(1)(f), 23(2)(h)(i), 23(2)(h)(ii), 23(2)(h)(iii), 23(2)(i)(i), 23(2)(i)(ii), 23(3)(f)(i), 23(3)(f)(ii), 23(3)(k), 23(3)(l), 23(3)(m), 23(3)(n), 23(3)(o), 23(4)(a)(iii), 23(4)(b)(iii), 23(4)(b)(iv), 23(4)(b)(v), 23(4)(b)(vi), 23(4)(b)(vii), section 24(1), 24(2), 24(3) | commenced on 20 May 2005. |
Chapter 4, section 22B–22C, section 24(4) | commenced on 1 October 2010. |
- [Amended by Money Laundering and Terrorist Financing Control Regulations: Amendment (Government Notice R456 of 2005) on 20 May 2005]
- [Amended by Money Laundering and Terrorist Financing Control Regulations: Amendment (Government Notice R867 of 2010) on 1 October 2010]
Definitions
1. Definitions
In these regulations “the Act” means the Financial Intelligence Centre Act, 2001 (Act No 38 of 2001), and, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Act has that meaning, and—"close corporation" means a corporation as defined in section 1 of the Close Corporations Act, 1984 (Act No 69 of 1984);"days", for the purpose of regulation 24, means all days of the week excluding Saturdays, Sundays and public holidays;[definition of "days" inserted by section 2(a) of Government Notice R456 of 2005]"foreign company" means an association of natural or legal persons incorporated outside the Republic which has legal personality or enjoys a similar status in terms of which it may enter into contractual relations and legal proceedings in its own name;"guidance notes" means guidance notes issued by the Centre in terms of regulation 28;"identification document", in respect of a natural person who—(a)is a citizen of, or resident in the Republic, means an official identity document; or(b)is not a citizen of the Republic and not resident in the Republic, means a passport issued by the country of which that person is a citizen;"manager", in respect of a South African or foreign company, means the natural person who is the principal executive officer of the company, by whatever name he or she may be designated and whether or not he or she is a director of that company;"property associated with terrorist and related activities" means property referred to in section 28A (1)(a) and (b) of the Act;[definition of "property associated with terrorist and related activities" inserted by section 2(b) of Government Notice R456 of 2005]"South African company" means a company as defined in section 1 of the Companies Act, 1973, (Act No. 61 of 1973); and"suspicious or unusual transaction or series of transactions" means any transaction or series of transactions referred to in section 29(1) or (2) of the Act;[definition of "suspicious or unusual transaction or series of transactions" inserted by section 2(c) of Government Notice R456 of 2005]"trust" means a trust as defined in section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988), other than a trust established—(a)by virtue of a testamentary writing;(b)by virtue of a court order;(c)in respect of persons under curatorship, or(d)by the trustees of a retirement fund in respect of benefits payable to the beneficiaries of that retirement fund,and includes a similar arrangement established outside the Republic.Chapter 1
Establishment and verification of identity
Part 1 – Introduction
2. Introductory
Part 2 – Natural persons
3. Information concerning South African citizens and residents
4. Verification of information concerning South-African citizens and residents
5. Information concerning foreign nationals
6. Verification of information concerning foreign nationals
Part 3 – Legal persons
7. Information concerning close corporations and South African companies
An accountable institution must obtain from the natural person acting or purporting to act on behalf of a close corporation or South African company with which it is establishing a business relationship or concluding a single transaction—8. Verification of information concerning close corporations and South African companies
An accountable institution must verify the particulars obtained in respect of a close corporation or company in terms of regulation 7(a) to 7(h) by comparing—9. Information concerning foreign companies
An accountable institution must obtain from the natural person acting or purporting to act on behalf of that foreign company with which it is establishing a business relationship or concluding a single transaction—10. Verification of information concerning foreign companies
An accountable institution must verify the particulars obtained in respect of a foreign company in terms of regulation 9(a) to 9(j) by comparing—11. Information concerning other legal persons
An accountable institution must obtain from the natural person acting or purporting to act on behalf of a legal person other than a company, close corporation or foreign company with which it is establishing a business relationship or concluding a single transaction—12. Verification of information concerning other legal persons
An accountable institution must verify the particulars obtained in respect of a legal person in terms of regulation 11(a) to 11(e) by comparing—Part 4 – Partnerships
13. Information concerning partnerships
An accountable institution must obtain from a natural person acting or purporting to act on behalf of a partnership, other than a partnership formed by qualified persons to carry on a profession and designated by notice in the Gazette by virtue of section 30(2) of the Companies Act, 1973 (Act No. 61 of 1973), with which it is establishing a business relationship or concluding a single transaction—14. Verification of information concerning partnerships
An accountable Institution must verily the particulars obtained in respect of a partnership in terms of regulation 13 by comparing—Part 5 – Trusts
15. Information concerning trusts
An accountable institution must obtain from the natural person acting or purporting to act on behalf of a trust with which it is establishing a business relationship or concluding a single transaction—16. Verification of information concerning trusts
Part 6 – General
17. Additional requirements when person acts on authority of another
18. Verification in absence of contact person
If an accountable institution obtained information in terms of these regulations about a natural or legal person, partnership or trust without contact in person with that natural person, or with a representative of that legal person or trust, the institution must take reasonable steps to establish the existence or to establish or verify the identity of that natural or legal person, partnership or trust, taking into account any guidance notes concerning the verification of identities which may apply to that institution.19. Accountable institution maintain correctness of particulars
An accountable institution must take reasonable steps, taking into account any guidance notes concerning the verification of identities which may apply to that institution, in respect of an existing business relationship, to maintain the correctness of particulars which are susceptible to change and are provided to it under this Chapter.Chapter 2
Record-keeping
20. Particulars of third parties keeping records
if an accountable institution appoints a third party to keep on its behalf any records which that institution must retain in terms of the Act, that institution must without delay provide the Centre with—Chapter 3
Client profile
21. Information to identify proceeds of unlawful activities or money laundering activities
Chapter 4
Reporting of suspicious and unusual transactions
22. Manner of reporting
22A. Information to be reported concerning property associated with terrorist and related activities
22B. Prescribed amount for cash transaction reporting
The prescribed amount of cash above which a transaction must be reported to the Centre under section 28 of the Act is R24 999,99 or an aggregate of smaller amounts which combine to come to this amount if it appears to the accountable institution or reporting institution concerned that the transactions involving those smaller amounts are linked to be considered fractions of one transaction.[regulation 22B inserted by section 2 of Government Notice R867 of 2010]22C. Information to be reported when a cash transaction is above the prescribed limit
23. Information to be reported concerning a suspicious or unusual transaction report
24. Period for reporting
Chapter 5
Internal rules
25. Internal rules concerning establishment and verification of identities
The internal rules of an accountable institution concerning the establishment and verification of identities must—26. Internal rules concerning the keeping of records
The internal rules of an accountable institution concerning the keeping of records in terms of section 22 of the Act must—27 Internal rules concerning reporting of information
The internal rules of an accountable institution concerning reporting of suspicious and unusual transactions must—Chapter 6
Miscellaneous
28. Guidance notes
29. Offences and penalties
30. Title and commencement
History of this document
01 February 2023 amendment not yet applied
14 November 2022 amendment not yet applied
02 October 2017 amendment not yet applied
01 December 2010 amendment not yet applied
01 October 2010 this version
Commenced
20 May 2005
Commenced
Read this version
30 June 2003
Commenced
Note: See section 30(3)
03 February 2003
Commenced
Note: See section 30(2)