Financial Intelligence Centre Act 38 of 2001 (FICA)
- Issuing authority
- South African Parliament; administered by the Financial Intelligence Centre (FIC)
- Effective date
- In force since 2001; major amendments took effect in 2022–2023.
- Scope
- Accountable institutions and other persons subject to obligations under FICA.
Quick Summary
FICA is one of South Africa's main anti-money laundering and counter-terrorist financing laws. It established the Financial Intelligence Centre (FIC) and requires regulated businesses to identify and manage financial crime risks. Key obligations include customer due diligence, beneficial ownership checks, risk management and compliance programmes, record keeping and reporting suspicious or unusual transactions. Major amendments made through the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 strengthened areas including beneficial ownership, ongoing due diligence, politically exposed persons and information sharing.
Who does it apply to?
- Banks and other financial institutions
- Legal practitioners and certain trust/company service providers
- Estate agents/property practitioners
- High-value goods dealers
- Crypto asset service providers and other businesses listed in Schedule 1
What it means
A further General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, B15-2026, is currently before Parliament. Among other changes, it proposes amendments to FICA covering information sharing, record-keeping periods, new technologies and delivery mechanisms, proliferation-financing risks and additional powers for the FIC. These are proposals, not yet law, so AboutAML should clearly distinguish them from the current FICA requirements. FICA is the law that turns AML compliance into practical obligations for many South African businesses. It is not limited to banks. Lawyers, property businesses, crypto asset service providers and other designated businesses can also fall within the framework because criminals can use both financial and non-financial businesses to move or disguise illicit funds. The 2022 reforms strengthened this risk-based approach, particularly around knowing who ultimately owns or controls a customer and conducting ongoing due diligence rather than treating customer checks as something done only at onboarding. Non-compliance can lead to administrative sanctions, including financial penalties of up to R10 million for individuals and R50 million for legal persons, while certain breaches can also constitute criminal offences.