AMENDMENTS TO THE MONEY LAUNDERING AND TERRORIST FINANCING CONTROL REGULATIONS, 2002, IN TERMS OF THE FINANCIAL INTELLIGENCE CENTRE ACT, 2001
The Minister of Finance has made amendments to the Money Laundering and Terrorist Financing Control Regulations, 2002.
These amendments include:
Substitution of Regulation 22B: The prescribed amount of cash above which a transaction must be reported to the Centre under section 28 of the Act has been increased to R49 999.99 (previously R24 999.99).
Amendment of Regulation 24(4): A report under section 28 of the Act must be sent to the Centre as soon as possible but not later than 3 days (previously 2 days) after a natural person or any of his or her employees or any of the employees or officers of a legal person or other entity, has become aware of a fact of a cash transaction that has exceeded the prescribed limit (previously a series of cash transactions).
Information to be reported concerning a cash threshold report as contained in Regulation 22C has also been substituted. To view the substituted Regulation 22C as well as the Notice as published in the Government Gazette on 14 October 2022, click here.
Please note that these amendments take effect on 14 November 2022.
This will necessitate an amendment to the current Risk Management and Compliance Programme of each accountable institution.
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