Subject Title - INSETA

Suspicious or unusual based reportingThe FICA requires all business organisations, their managers and employeesof such businesses to identify and report suspicious and unusual transactionsto the FIC. 160Failure to file such a report amounts to an offence that carries a penalty.Reporting formatRegulation 22 of the FICA deals with the reporting format. It states thatsuspicious transaction reporting can be Internet based or by a methoddeveloped by the FIC.Full particulars of the information to be contained in the SuspiciousTransaction Reports (STR) is prescribed under Regulation 23.Reporting periodRegulation 24 of the FICA deals with the reporting period.The report must be sent to the FIC as soon as possible, but no later than five(5) days after the suspicious transaction was determined.Protection of persons filing STR'sIn terms of Section 38, persons filing STR's are guaranteed protection againstcriminal and civil liability for complying in good faith with the provisions ofthe FICA.STRs are confidential documents for use by the FIC staff only.In terms of Section 33, an accountable institution may continue with thereported transaction unless the FIC specifically orders such a person not toproceed with the transaction.REPORTS MUST NOT BE SENT TO THE FSB OR THE FAIS DEPARTMENT – ITMUST BE SENT TO THE FIC.160 Section 29© INSETA - Section 1 12a 253