The FIC has updated the cash thresholds from R25 000.00 to R50 000.00. The reporting timeframes have also been updated from reporting within 2days to reporting within 3days after the company or any of its employees become aware of the transaction. This will become effective on 14 November 2022.
Lastly the aggregation of amounts that together total above R25 000.00 is also abolished.
Generally this can be seen as a relaxation of the requirements and it unknown how this fits into the prevention of the possible coming FATF greylisting.
by: Horizon Compliance team