The Financial Intelligence Centre (FIC) has called for comments on draft public compliance communications that clarify the interplay between the Financial Intelligence Centre Act (Fica) and the Protection of Personal Information Act (Popia) and recommend how accountable institutions can ensure they comply with measures aimed at combating the financing of terrorism or weapons of mass destruction.
Fica requires accountable institutions to obtain, assess and report certain personal information in relation to their clients. These obligations cannot be circumvented or limited because of data privacy protection legislation. However, accountable institutions should consider the principles set out in Popia to ensure that they do not contravene it.
Click here to download PPC 22A.
The deadline to comment is Tuesday, 26 July. Comments must be submitted using this online submission form.
The second draft communication, PCC 115, provides guidance on the targeted financial sanctions obligations in terms of Fica. It provides recommendations aimed at mitigating the risk of non-compliance with the broader activity-based sanctions obligations that stem from United Nations Security Council resolutions on the non-proliferation of weapons of mass destruction.
It also clarifies certain definitions related to non-proliferation financing of weapons of mass destruction and sets out heightened risks scenarios or red-flag indicators.
Click here to download PPC 115.
The deadline to comment on this PPC is Friday, 22 July. Comments must be submitted using this online submission form.
Questions or requests relating to either draft communication must be emailed to consult@fic.gov.za.
