Public Compliance Communications 18
PCC 45 - Guidance on Directive 5 of 2019 in relation to the use of ATMS
This PCC must be read together with Directive 5. (page 4)
This public compliance communication cross-references 5 linked laws.
Relationships in
Read together with
Low confidencePCC 45 - Guidance on Directive 5 of 2019 in relation to the use of ATMS
"Accountable institutions are advised to consider the use of automated monitoring of crypto asset transfers to identify reportable transactions or activity in line with the FIC Directive 5, read together with PCC 45."
Read together with
Low confidencePCC 45 - Guidance on Directive 5 of 2019 in relation to the use of ATMS
"Due to the electronic nature and volume of crypto transactions, accountable institutions are strongly encouraged to rely on or implement an automated transaction monitoring system (ATMS) in compliance with Directive 5 as read together with PCC 45."
Read together with
Low confidence
Document
FIC
Financial Intelligence Centre
PUBLIC COMPLIANCE COMMUNICATION
PUBLIC COMPLIANCE COMMUNICATION
No. 45 (PCC 45)
ON DIRECTIVE 5 OF 2019 IN RELATION TO
THE USE OF AUTOMATED TRANSACTION
MONITORING SYSTEMS
Public Compliance Communication Number 45 on Directive 5 of 2019 in relation to the use of Automated Transaction Monitoring Systems
Page 2 of 6
PCC SUMMARY
Directive 05 of 2019 (Directive 5) regarding the use of automated transaction monitoring systems (ATMS) issued in terms of section 43A of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act) and published in Government Gazette Notice 42357 on 29 March 2019, places certain obligations on all accountable and reporting institutions and other persons (collectively referred to as reporters) who use an ATMS, to detect potential reportable suspicious and unusual transactions, series of transactions and/or activities.
This Public Compliance Communication 45 (PCC 45) provides guidance to the reporters regarding certain requirements as set out in Directive 5.