This article by the Financial Intelligence Centre provides an overview of the reporting obligations for accountable institutions under the Financial Intelligence Centre Act (“the Act”).
The Act sets out clear reporting obligations on accountable institutions to help combat money laundering, terrorist financing, and proliferation financing. This includes filing suspicious and unusual transaction reports (STRs), cash transaction reports (CTRs), terrorist property reports (TPRs), and international funds transfer reports (IFTRs).
Each report type has specific triggers, thresholds, and timelines, making it essential for institutions to understand and implement their duties to ensure compliance and support the integrity of the financial system.
Please note that the article is aimed at professionals whose businesses are listed as accountable institutions as defined in Schedule 1 of the Financial Intelligence Centre Act, No. 38 of 2001 and fall under the supervisory bodies mentioned in Schedule 2 of the said Act.
FISA members should note that not all fiduciary practitioners are included as accountable institutions. Also note that FISA is not listed as a supervisory body under the Act.
The article can be read here