The threshold above which accountable institutions and reporting institutions must report cash transactions to the Financial Intelligence Centre (FIC) will be higher from 14 November.
The threshold will increase from R24 999.99 to R49 999.99. This is in terms of Government Notice 2 638 published on 14 October in which the Minister of Finance amended regulation 22B of the Money Laundering and Terrorist Financing Control Regulations.
The same notice also extends, by an amendment to regulation 24, the period within which cash transactions that exceed the threshold must be reported to the FIC.
Cash transaction reports, as required by section 28 of the FIC Act, must be sent to the Centre no later than three days, instead of two, “after a natural person or any of his or her employees, or any of the employees of officers of a legal person or other entity, has become aware of a fact of a cash transaction that has exceeded the prescribed limit”.
Regulation 24 has been amended to remove the words “or series of cash transactions” after the words “a cash transaction”.
The notice also amends regulation 22C, which sets out the information a cash threshold report must contain.
The revised regulation no longer refers to “aggregated transactions” or “a series of aggregated transactions”.
The revised regulation 22C includes a new reporting requirement, which applies if “any account” held at the reporter was involved in a transaction for which a cash transaction report is made.
Click here to download the notice.
