Unmasking complicity of SA banks in corruption

“In the circumstances, the relevant authorities are best placed to comment regarding the investigation of reports submitted to them,” said BASA.

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Among FICA’s requirements was that financial institutions report on the transactions of cash above the threshold of R50O,000 and terrorist property.

FIC’s Acting Director, Advocate Pieter Smit, said these requirements and obligations are regularly communicated to the institutions.

Smit said the FIC expects accountable institutions, which are directly involved in transactions with their clients, to identify and report suspicious and unusual activities and transactions.

“As part of their risk management and mitigation measures, accountable institutions are required to be vigilant and sceptical regarding the source of large or unusual funds received by recently formed businesses, or recently established entities with limited operational history, that secure business through government tender processes.

“The FIC is well-positioned with its analytical systems and tools to analyse and assess the activities and transactions reported to it,” said Smit.