FICA Amendment Bill
Posted on 24 Nov 2015
Draft amendments were published earlier this year. These amendments focus on a more risk-based approach regarding the monitoring and verification of clients and have been proposed in order to meet international standards. This approach will simplify the current system of compliance by providing financial institutions with flexibility to determine how they verify their clients’ identity, taking into account the particular circumstances of each client. On Tuesday, 27 October 2015, the Minister of Finance, Nhlanhla Nene, tabled the Financial Intelligence Centre Amendment Bill in Parliament.