AML Compliance

FICA

Financial Intelligence Centre Act. South Africa's anti-money laundering framework.
Accountable institutionsRMCP requiredKYC/CDD mandatorySTR/CTR reporting
What it covers

The requirements

FICA applies to accountable institutions, banks, attorneys, estate agents, financial advisors, accountants, casinos, and many other businesses. Accountable institutions must implement a Risk Management and Compliance Programme (RMCP), conduct Customer Due Diligence (CDD), and report suspicious transactions to the Financial Intelligence Centre.

Risk Management & Compliance Programme
Written RMCP documenting your AML risk appetite, controls, procedures, and monitoring framework
Customer Due Diligence (CDD)
Know-Your-Customer verification, beneficial ownership identification, source of funds assessment
Politically Exposed Persons (PEPs)
Enhanced due diligence for PEPs and their associates, ongoing monitoring requirements
Suspicious Transaction Reports (STRs)
Reporting obligations to the FIC, STRs within 15 days, Cash Threshold Reports (CTRs) within 2 days
Record-Keeping
5-year retention of all CDD documents, transaction records, and STR reports
Staff Training
AML training for all relevant staff, documented, tracked, and refreshed regularly
Governance domains

Mapped in Encircle

This framework contributes to the following governance domains in your Encircle score:

D04 ComplianceD03 RiskD05 Ethics
How Encircle maps this framework

Encircle maps all FICA accountable institution obligations to D04 Compliance and D03 Risk. Your RMCP completeness score is tracked, CDD procedure gaps generate tasks, and your training register links directly to evidence requirements. Encircle tracks the 6 FICA pillars as separate evidence categories.

Your FICA readiness score

Encircle tells you when your FICA RMCP is Ready, meaning your Risk Management and Compliance Programme meets the FATF-aligned requirements and your CDD procedures, reporting workflows, and training records are documented and evidenced. Connect with an FIC-registered compliance officer via the Encircle Network for independent RMCP review.

Ready to track your FICA readiness?

Request early access and get your FICA score in your first session.

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