Specialist guidance across FICA, NCR & POPIA

Examples include banks, co-operative banks, mutual banks, legal practitioners, company and trust service providers, estate agents, authorised users of exchanges, managers registered under the Collective Investment Schemes Act, long-term insurance businesses, gambling businesses, foreign goods dealers, money or value transfer services providers, SA Postbank, high-value goods dealers, money or value transfer providers, SA Mint Company and crypto asset service providers.

FICA is the Financial Intelligence Centre Act 38 of 2001. It was introduced to combat identity theft, fraud, money laundering, tax evasion and terrorist financing activities.

Purpose of the FIC Act

The purpose of the Act is to combat and criminalise money laundering and terrorist financing, identify the proceeds of unlawful activities and help keep the country safe. Important amendments to Schedules 1, 2 and 3 took effect on 19 December 2022, expanding the list of accountable institutions to include all credit providers, including microlenders.

Credit providers, credit bureaux, debt counsellors and payment distribution agents may need to register with the National Credit Regulator, depending on their activities and the applicable regulatory thresholds.

The National Credit Act regulates the consumer credit industry, promotes responsible lending, transparent disclosure, fair treatment of consumers and lawful debt collection practices.

Private and public bodies that process personal information must ensure POPIA compliance. Responsible parties should designate an Information Officer and, where applicable, maintain the required records and regulator-facing documentation.

POPIA regulates the lawful processing of personal information, promoting accountability, transparency, security safeguards and data subject participation.