AMENDMENTS TO CASH THRESHOLD REPORTING IN EFFECT

Dear User

The requirement for accountable and reporting institutions to file cash threshold reports (CTRs) and cash threshold report aggregations (CTRAs) to the Financial Intelligence Centre (FIC) came in effect on Monday, 14 November 2022.

Changes to the CTR an CTRA requirements were outlined in the media release issued by the FIC on 20 October 2022. The changes that came into effect on 14 November 2022 include:

·         The revision of the CTR threshold from R25 000 to R50 000

·         The abolition of the requirement to report on cash threshold aggregations

Reporters need to note that any outstanding reports that were due for submission to the FIC before the commencement of the amendments on 14 November 2022, will still need to be submitted to the FIC based on the regulations applicable to that period. The FIC’s registration and reporting system (goAML) will accept reports with transactions that were concluded before 14 November 2022 and will apply the applicable thresholds based on the transaction dates (refer to the system rules provided below).

The CTRA report type will remain visible on the FIC’s registration and reporting system, to allow reporters to submit outstanding reports and to do remediations on CTRAs that might have been previously incorrectly submitted.

In terms of the system, reporters need to note that there are no changes to the goAML reporting schema, the schema remains the same.

The following business rules were implemented on the FIC’s Production system on 14 November 2022:

If you have any queries, please contact us by logging your query on the PQP page on our website https://www.fic.gov.za/ContactUs/Pages/ComplianceQueries.aspx

Issued by

Compliance and Prevention

The Financial Intelligence Centre