All terms Glossary
FIC (Financial Intelligence Centre)
The South African body that receives suspicious transaction reports and supervises accountable institutions’ compliance with FICA.
The FIC is the government body FICA is named after: it receives suspicious transaction reports, issues compliance guidance, and can inspect accountable institutions to confirm they’re meeting their obligations.
An FIC inspection can arrive with very little notice and typically asks for your RMCP, your CDD records, and evidence of any beneficial-ownership or source-of-funds checks: the exact set of things an audit-pack export is built to produce quickly.
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Related terms
FICA (Financial Intelligence Centre Act)The South African law requiring accountable institutions to verify clients, keep records, and report suspicious activity, in order to combat money laundering and terror financing.
Accountable InstitutionA business FICA designates as needing to conduct client due diligence and report suspicious activity. Includes estate agencies, attorneys, banks, and others listed in FICA’s schedules.
RMCP (Risk Management and Compliance Programme)The internal policy document every accountable institution must maintain, describing how it identifies, assesses, and manages money-laundering and terror-financing risk.