Directives 2

Directive 3 – Notification of failure to report as required by the FIC

1 September 2014

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STAATSKOERANT, 12 SEPTEMBER 2014

No. 37979 47

NOTICE 783 OF 2014

![img-0.jpeg]([2] 2014 09 01 Directive 3 – Notification of failure to report as required by the FIC.assets/page-0001-image-00-img-0.jpeg)

financial intelligence centre

REPUBLIC OF SOUTH AFRICA

DIRECTIVE 03/2014 – NOTIFICATION OF FAILURE TO REPORT AS REQUIRED BY THE FINANCIAL INTELLIGENCE CENTRE IN TERMS OF THE FINANCIAL INTELLIGENCE CENTRE ACT, ACT NO. 38 OF 2001

This directive is issued by the Financial Intelligence Centre (the Centre) in terms of section 43A (1) of the Financial Intelligence Centre Act, Act No. 38 of 2001 (the FIC Act).

This directive applies to all accountable and reporting institutions and to other persons who have an obligation to file a report with the Centre in terms of the provisions of the FIC Act.

1. Purpose of the Directive

1.1 The Centre issues this directive to all accountable and reporting institutions and all other persons who have an obligation to file reports with the Centre in terms of sections 28, 28A and 29 of the FIC Act.

1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).

1.3 To achieve its objectives the Centre must process, analyse and interpret information disclosed to it, and obtained by it in terms of the FIC Act and retain such information in the manner and for the period as required in the FIC Act (section 4(a) and (d) of the FIC Act).

This gazette is also available free online at www.gpwonline.co.za

Page 2

48 No. 37979

GOVERNMENT GAZETTE, 12 SEPTEMBER 2014

1.4 The Centre obtains information in the form of reports which are filed with it in accordance with the following sections of the FIC Act, as mentioned above:

- Section 28 (cash threshold reporting)

- Section 28A (terrorist property reporting); and

- Section 29 (suspicious and unusual transaction reporting).

1.5 Where the abovementioned persons/institutions fail to submit these reports to the Centre, intelligence data needed to fulfill its mandate is lost to the Centre.

2 Directive

2.1 This directive is effective from date of publication in the Government Gazette.

2.2 Where a person/institution becomes aware of a reporting failure to the Centre such person/institution has to mitigate the loss of intelligence data to the Centre in the following manner:

2.2.1 Inform the Centre in writing of the reporting failure immediately after becoming aware of such failure. The notification must be sent to the Executive Manager, Compliance and Prevention, Financial Intelligence Centre; and

2.2.2 Request an engagement with the Centre to discuss relevant mitigation factors.

2.3 The subsequent arrangements for the mitigation of lost intelligence due to the Centre does not imply condonation of the failure to report information to the Centre, nor does it absolve the reporter from its continuing reporting obligations under the FIC Act or prevent enforcement action being taken by the relevant supervisory body.

Issued By:

The Director

Financial Intelligence Centre

September 2014

DIRECTIVE 03/2014 – NOTIFICATION OF FAILURE TO REPORT AS REQUIRED BY THE FINANCIAL INTELLIGENCE CENTRE IN TERMS OF THE FINANCIAL INTELLIGENCE CENTRE ACT, ACT NO.38 OF 2001

This gazette is also available free online at www.gpwonline.co.za

Relationships in

related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.
related to
Directive 3 – Notification of failure to report as required by the FIC | page 6
1.9 This PCC 50 must be read together with the provisions of Directive 3 and goAML Notice 4A.
refers to
Directive 3 – Notification of failure to report as required by the FIC | page 3
2.1.10 ‘originator’ refers to a person who initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer.

Relationships out

No relationships recorded.

Linked legislation

refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).
refers to
Financial Intelligence Centre Act 38 of 2001 | page 1
1.2 The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities (section 3(1) of the FIC Act).

Provenance

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