Advisory | 13 October 2025
RISK MANAGEMENT COMPLIANCE PROGRAMME OF THE FINANCIAL INTELLIGENCE CENTRE ACT, 2002
The Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FICA) is an Act which establishes the Financial Intelligence Centre and a Money Laundering Council to deal with such activities, to impose certain duties on institutions which might be utilised for money laundering activities and to amend the Prevention of Organised Crime Act, 1998. Legal practitioners who are admitted and enrolled to practise as such, including an advocates, notary or conveyancer in terms of section 34(2)(a)(ii) of the Legal Practice Act, 2014 fall within the definition of ‘accountable institutions’ as set out in the FICA and accordingly required to comply with the provisions of the Act.
One of the measures to promote compliance by accountable institutions is set out in section 42 of FICA and mandates that an accountable institution develops, documents, maintains and implement a Risk Management and Compliance Programme (RMCP). To this end, and to assist new and existing accountable institutions/law firms and to navigate this complex legislative requirement, the LSSA has since issued the RMCP Guidance and Resource Document for accountable institutions to simplify the legal requirements of the FICA RMCP. It is, however, critical to stress to the legal profession that the RMCP Guidance and Resource Document is merely a guide and does not seek to reinterpret the provisions of FICA nor does it supersede the FICA. Members of the legal profession are required to have due regard to and comply with the provisions of the FICA at all times. Accountable institutions must at all times exercise their own skill and care responsibly.
The LSSA, therefore, urges accountable institutions to continue to refer to the provisions of FICA in ensuring compliance with its obligations related to the RMCP.
The LSSA will not be liable for any misuse, loss suffered as a result of reliance on this guideline.
Queries on the LSSA RMCP Guidance and Resource Document may be directed to the LSSA at kris@lssa.org.za.
