Public Compliance Communications 3
Draft PCC 118 - Guidance on the interpretation of money or value transfer service providers
Draft PCC 118 – Guidance on the interpretation of money or value transfer service providers (page 1)
This public compliance communication cross-references 3 linked laws.
Consultation draft - not in force
This item is marked as draft or consultation material. It is kept for lineage and review, but should not be treated as binding guidance unless a final instrument is separately verified.
Relationships in
No relationships recorded.
Relationships out
Cross-references
Low confidenceGuidance Note 7
"For further information on risk determination, please refer to Guidance Note 7, issued by the FIC and available on www."
Linked legislation
Cross-references
Low confidenceFinancial Intelligence Centre Act 38 of 2001
"An MVTS provider is defined in item 19 of Schedule 1 to the FIC Act as:"
Cross-references
Low confidence
Document
FIC
Financial Intelligence Centre
PUBLIC COMPLIANCE COMMUNICATION
DRAFT PUBLIC COMPLIANCE COMMUNICATION
No. 118
GUIDANCE ON THE INTERPRETATION OF MONEY OR VALUE TRANSFER SERVICE PROVIDERS, ITEM 19 OF SCHEDULE 1 OF THE FINANCIAL INTELLIGENCE CENTRE ACT, 2001 (ACT 38 OF 2001) AND POTENTIAL RISK INDICATORS
Draft Public Compliance Communication XX guidance on the definition regarding the money or value transfer service provider in terms of Schedule 1 of the Financial Intelligence Centre Act.
Page 2 of 10
FOR CONSULTATION PURPOSES ONLY
PCC SUMMARY
The Centre views money or value transfer service (MVTS) providers as “a person who carries on the business of a money or value transfer provider” which includes providing financial services that involve the acceptance of cash, cheques, electronic funds, other monetary instruments or other stores of value and the payment of a corresponding sum in cash, cheque, electronic funds or other form of value to a beneficiary by means of a communication, message, physical or electronic transfer or through a clearing network to which the MVTS provider belongs.