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ARTICLE · 13 APRIL 2025

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FICA Update: Draft PCC 118A Released, Third Party Payment Providers (TPPP) Likely Now Accountable Institutions

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The Financial Intelligence Centre ("FIC") released the updated draft of Public Compliance Communication ("PCC") 118A to provide clarity on the interpretation of Item 19 in Schedule 1 of the Financial Intelligenc.

South AfricaFinance and Banking
Era Gunning
Era Gunning
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The Financial Intelligence Centre ("FIC") released the updated draft of Public Compliance Communication ("PCC") 118A to provide clarity on the interpretation of Item 19 in Schedule 1 of the Financial Intelligence Centre Act ("FICA"). Released on 31 March 2025, the draft specifically addresses accountable institutions, including money or value transfer service ("MVTS") providers.

Draft PCC 118A offers guidance on Item 19 of Schedule 1 to FICA. This update follows amendments made to Schedule 1 off FICA as published in Government Gazette 47596, which took effect on 19 December 2022.

The first round of public consultation for Draft PCC 118 occurred from 15 December 2022 to 20 January 2023. The FIC considered and incorporated all relevant feedback received during that period into the updated draft where appropriate. The current draft, PCC 118A, is now available for a second round of consultation. Comments from accountable institutions, supervisory bodies, and the

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