Secondary

Finance-02

Suspicious and unusual transactions reporting – FIC releases updated guidance note

After a successful consultation process, the Financial Intelligence Centre has updated its guidance on suspicious and unusual transaction reporting, which relates to section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001).

Guidance Note 4B (GN4B), informs accountable and reporting institutions, and any other person as described in the FIC Act on meeting their section 29 reporting obligations.

The guidance covers:

  1. Inclusion of section 29(1)(b)(vi) which relates to the financial sanctions reporting obligation
  2. Indicators of suspicious and unusual activity relating to potential matches of client names on the targeted financial sanctions consolidated list pursuant to section 26A of the FIC Act

Click here to download the guide that that includes various examples.

, ,

Comments are closed.