South Africa has implemented a law that is designed to combat money laundering, which is the abuse of financial systems in order to hide and/or disguise the proceeds of crime. This law is known as the Financial Intelligence Centre Act 28 of 2001, also referred to as FICA.
FICA creates money laundering control obligations for financial institutions and professionals, such as banks, estate agents, brokers, attorneys and insurance companies.
Customer identification is a crucial element of any effective money laundering control system. We must implement reasonable measures for us to know who our customers are and to prevent criminals from using false or stolen identities to gain access to our services. As such, Monitor Administrators is obliged by FICA to report any suspicious financial requests or transactions to the Financial Intelligence Centre.