The Financial Intelligence Centre (“FIC”) has published Guidance Note 7B (“GN 7B”), introducing a targeted but important update to the application of the risk-based approach under the Financial Intelligence Centre Act, 2001 (“FICA”).
Issued on 3 August 2026 in terms of section 4(c) of FICA, GN 7B follows the publication of draft amendments for public consultation on 12 June 2026. The consultation process attracted comments from the banking industry, crypto asset service providers, legal practitioners and a range of other stakeholders before the guidance was finalised. While GN 7B does not replace Revised Guidance Note 7A, it updates Chapter 1 in several important respects and provides greater clarity on the FIC's expectations regarding risk assessment, due diligence and the management of financial crime risks.
