Secondary

New Directive from the FIC

Section 29(3) of the Financial Intelligence Centre Act states that all persons who submitted or are obliged to submit a report, may not disclose that fact or any information regarding the contents of any such report to any other person, including a supervisory body, even when that supervisory body is exercising powers in terms of sections 45, 45A and 45B of the FIC Act.

This ruling applies to all accountable and reporting institutions as well as other persons who have an obligation to file a suspicious and unusual transaction report (STR) in terms of FICA.

Failure to comply with section 29(3) of the FIC Act is a criminal offence in terms of section 53 of the FIC Act. Non-compliance is punishable by a fine not exceeding R100 million or a term of imprisonment not exceeding 15 years.

Please click here to download Directive 3 of 2014, and the accompanying clarification notice.

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