Cash transaction

According to the Financial Intelligence Centre the implementation of the cash reporting obligation in terms of section 28 of the Financial Intelligence Centre Act will be rolled out in a phased approach. . The first phase of cash threshold reporting will be introduced to all casinos, motor vehicle dealers and attorneys, as from Monday, 04 October 2010.

The second phase of cash threshold reporting will be introduced to all remaining accountable and reporting institutions as listed in Schedules 1 and 3 of the FIC Act, on Wednesday, 01 December 2010.

Cash transactions mean transactions involving domestic and foreign notes and coins, and travellers cheques above R25 000.

Acquiring of new secure login credentials
Accountable institutions (AIs) and reporting institutions (RIs) are strongly requested to acquire new secure login credentials from the Centre. This will enable AIs and RIs to file cash threshold reports in terms of section 28, suspicious and unusual transaction reports in terms of section 29, and terrorist property reports in terms of section 28A of the FIC Act, electronically with the Centre. An updated guideline on acquiring secure login credentials can be found on the Centre's website at fic.gov.za.

Upon acquiring login credentials the user will be able to use the acquired username and password to file reports electronically with the Centre. This process will benefit frequent reporters as their details will be automatically pre-populated on the electronic reporting form, when entering their secure login credentials.

Note that all login credentials acquired from the Centre before Thursday, 01 April 2010 have expired.

All AIs and RIs that have not acquired login credentials after Thursday, 01 April 2010 are strongly encouraged to immediately acquire new login credentials to enable the secure electronic submission of reports to the Centre.

Guidance note