Cross-border money value transfer services (MVTS)

The draft amendments to the ML/TF control regulations under the FIC Act are still open for public comments, suggesting that more time may pass before they are implemented. The government has invited public feedback on these draft amendments. According to the FATF, action needs to be taken by January 2025. On April 9, 2024, the government proposed that individuals carrying R25,000 or more in cash or bearer negotiable instruments across South Africa’s borders must report this to the Financial Intelligence Centre.

September 15, 2025

Action taken against unlicensed entities

Guidance was published by the FIC to assist accountable institutions to adhere to their international funds transfer reporting obligations in terms of FICA and the Money Laundering and Terrorist Financing Control Regulations. This means that financial services providers like banks (and others in the finance industry) are required to report certain information to the FIC…

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