The South African Reserve Bank (SARB) and the Financial Intelligence Centre (FIC) are committed to increased collaboration and co-operation in the fulfillment of their respective legislative obligations. Both organisations have undergone landmark legislative changes with the amendments to the Financial Intelligence Centre Act effective since October 2017, and the Financial Sector Regulation Act bringing about structural changes to the SARB with the creation of the Prudential Authority in April 2018. The FIC and SARB share common goals of ensuring that the South African financial system is safe, stable and sustainable for all citizens. The two organisations have entered into a formal agreement which, inter alia, intends to strengthen enforcement and compliance.
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