AML LEGISLATION – FICA

FICA (The Financial Intelligence Centre Act) No 38 of 2000.

The purpose of FICA is to root out money laundering and the financing of terrorism (“MLFT”), which are harmful to the integrity of our financial system.  This Act attempt to achieve this by inflicting requirements on Accountable Institutions, which might be used as a channel for “dirty money”. These requirements regulate the way accountable institutions (listed in Shedule 1 to FICA), deal with their clients.