The banking sector has therefore begun a concerted campaign to comply with the FIC Act and to fulfill the sector’s obligations in terms of local legislation and international guidelines. In May 2002, South Africa applied for membership of the Financial Action Task Force (FATF), an intergovernmental body that develops and promotes policies, nationally and internationally, to combat money laundering.
South Africa was granted FATF membership in June 2003. As from February 2003, banks and several other institutions have been reporting suspicious transactions that may involve money laundering to the FIC. Banks have to make detailed reports of all unusual and/or suspicious transactions to the FIC. In addition, banks have to report the number of such reports to the Registrar of Banks.