New FIC Directive 3A Aims to Strengthen Reporting & Prevent Data Loss
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The Financial Intelligence Centre (FIC) issued Directive 3A and updated Public Compliance Communication (PCC) 50A. These documents guide all accountable institutions on how to respond when there is a failure to report or when defective reports are submitted to the FIC — especially relating to international fund transfers.
💼 What Is This All About?
The FIC collects financial intelligence to detect and prevent crimes like money laundering, terrorist financing, and proliferation financing. This is only possible if accountable institutions (like banks, estate agents, and forex dealers) submit accurate and timely reports.
Directive 3A outlines what institutions must do if they miss a report or send incorrect information. PCC 50A explains how to fix these issues quickly and limit the loss of valuable intelligence data.
📝 New Reporting and Related Requirements
Accountable institutions are required to submit reports to the FIC which now includes International Fund Transfer Reports (IFTRs) under these rules.
If an accountable institution failed to submit an IFTR or the report has errors, institutions must notify the FIC.
They must also take steps to correct the report as soon as possible to reduce any negative impact.
PCC 50A gives practical guidance on how to prevent, detect, and remediate reporting failures.
🚨 Why Does This Matter?
A reporting failure can cause gaps in South Africa’s financial intelligence network, making it harder to detect criminal activity. The FIC is now placing greater responsibility on institutions to take ownership of their reporting duties, especially when dealing with cross-border transactions.
✅ What Should Accountable Institutions Do?
Understand the new obligations for reporting failures under Directive 3A.
Use PCC 50A to improve internal procedures and mitigate reporting risks.
Review your systems for tracking IFTR submissions and ensure they are accurate.
Act “without delay” to fix any missed or defective reports and notify the FIC.
