To help prevent the laundering of cash and to obtain documentation that may be used to prosecute money launderers, the government requires businesses like yours to file specific reports and maintain records on certain cash transaction. They then monitor the data received and give guidance to institutions to improve their reporting.
The FIC has provided an electronic reporting platform for use by all stakeholders with reporting requirements. This platform can be accessed through here.
This information has to remain a secret, so as not to tip off the perpetrator of the unlawful activity.
The Centre, may request the reporter to furnish the Centre with such additional information concerning the report and the grounds for the report as the Centre may reasonably require for the performance of its functions. When an institution or a person receives such a
request, they must furnish the Centre without delay with such additional information as they may have available.
Failing to comply with a request is an offence, and on conviction one is liable for imprisonment not exceeding 15 years or a fine not exceeding R100 Million.
No person may reveal any information regarding a reporting occurrence, and the transaction must be completed without letting the client know that a report will be submitted.
No duty of secrecy or confidentiality which you have to the client, will excuse you from failing to make a report to the FIC.