--- title: From FICA to FICAA – Are You Still Not Sure What Has Changed? | nCino KYC description: To align and combat money laundering globally, FICA was amended to FICAA with the goal of strengthening South Africa's regulatory framework --- [![Docfox is now nCino KYC](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Top-Web-Banner-HS.png)](https://blog.kycafrica.ncino.com/ncino-kyc-africa-a-vision-to-reinvent-the-future-of-fica-compliance) [![Ncino KYC Africa](https://blog.kycafrica.ncino.com/hs-fs/hubfs/raw_assets/public/ncino-theme-2025/images/ci/ncino-logo-color-invert-RGB.png?width=140&name=ncino-logo-color-invert-RGB.png "Ncino KYC Africa")](https://kycafrica.ncino.com/) - [Solutions](https://kycafrica.ncino.com/solutions/) - [Client Onboarding](https://kycafrica.ncino.com/solutions/customer-onboarding/) - [Watchlist Screening](https://kycafrica.ncino.com/solutions/watchlist-screening/) - [Risk Rating](https://kycafrica.ncino.com/solutions/risk-rating/) - [Bank Account Verification](https://kycafrica.ncino.com/solutions/account-verification/) - 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SHARE ``` By now we all know about or have been affected by FICA, The Financial Intelligence Centre Act, 38 of 2001, which came into effect on 1 July 2003. FICA was introduced to make it more difficult for criminals to benefit from the illicit proceeds of their crime and aimed to conform South Africa (SA) to international best practice for anti-money laundering and counter-terrorist financing set by the Financial Action Task Force (FATF). ``` ![FICA](https://blog.kycafrica.ncino.com/hs-fs/hubfs/Article%20Illustrations/FICA.png?width=1250&height=469&name=FICA.png) # The FIC Amendment Act of 2017 (FICAA) As with any Act, The Financial Intelligence Centre Act 38 of 2001 (FICA) has been amended and now has become known as the Financial Intelligence Centre Amendment Act 1 of 2017 (FICAA). In an effort to align and combat Money Laundering globally, FICA was amended with the goal of strengthening and modernising South Africa’s regulatory framework so that it is more closely aligned to the FATF recommendations. Under FICAA, the [Financial Intelligence Centre (FIC)](https://www.fic.gov.za/) aim to enhance economic growth and promote compliance. With this being said, a noteworthy amendment was the establishment of taking a risk-based approach. The purpose of this approach is to allow organisations to make better use of their resources by focusing their attention where there is higher risk. The implementation of a risk based approach gives Accountable Institutions (AIs) a framework to follow when onboarding and transacting with clients. This should include a customer identification and verification program (CIV) which helps an AI assess the level of risk posed by an individual or business. The thinking is that AIs need to gather fundamental information about a client and their intentions, validate the information provided and use it to create a risk profile of that client. Based on the CIV checks, some clients will meet low risk criteria whereas clients that fall into higher risk categories should undergo Enhanced Due Diligence (EDD). [The Financial Action Task Force (FATF)](https://www.fatf-gafi.org/en/home.html) recommends that in order to have a successful risk-based approach, “the amount and type of information obtained, and the extent to which this information is verified, must be increased where the risk associated with the business relationship is higher.” This means, based on a clients risk profile, AI’s may need to gather additional information and supporting documentation about a client to attempt to gain, where possible, a level of comfort against the risk presented. Included in the scope of Enhanced Due Diligence is identifying and verifying related parties and Ultimate Beneficial Owners (UBOs). According to the FATF, “beneficial owner” refers to the natural person who ultimately owns or controls a legal entity and/or the natural person on whose behalf business is being conducted. It also includes those persons who exercise ultimate effective control over a legal entity or who ultimately enjoy a share of its profits. EDD is also required for business relationships with Foreign Prominent Public Officials (FPPO) and Domestic Prominent Influential Persons (DPIP), their family members and close associates who may be at a higher risk of being targeted by criminals because of their positions of influence or control. As of 29 December 2022, Domestic Prominent Influential Persons (DPIPs) and Foreign Prominent Public Officials (FPPOs) have been replaced with the acronyms **Domestic Politically Exposed Persons (DPEPs)** and **Foreign Politically Exposed Persons (FPEPs)**. Read more [here](https://blog.docfox.co.za/new-politically-exposed-and-prominent-influential-persons-acronyms-in-terms-of-the-fic-act).) Although the amended FIC act has been around for a couple of years, there is still some uncertainty regarding the associated terminology and how it impacts businesses. You can have a look [here](https://docfox.co.za/terms-relating-to-the-fic-amendment-act/) to gain better understanding of some FICAA terminology. A noteworthy amendment to the Act is the concept of Accountable Institutions taking a risk based approach. This risk based approach doesn’t need to be time consuming for your clients or staff. [Request a demo](https://docfox.co.za/request-a-demo-2/) to see how nCino KYC can assist in reducing the burden on admin staff and compliance officers.   [![Request a Demo](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/24906619/8ad8dd8f-6779-4e27-9d5c-9cf0ab365e9a.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/24906619/8ad8dd8f-6779-4e27-9d5c-9cf0ab365e9a) ![Hawken McEwan](https://blog.kycafrica.ncino.com/hubfs/Hawken.png) ### About the author: ### Hawken McEwan Hawken has over 25 years’ experience in financial crime compliance, regulatory operations, banking operations, risk and change. Specialising in FICA and Anti-Money Laundering, Hawken holds a Masters from the Edinburgh University, the AMLCPrac(SA) designation, and is a Certified Anti Money Laundering Specialist, Member of the Association of International Financial Crime Investigators and South African Board member for ACAMs ## Related Articles - ### [RMCP Compliance: What Directive 10, 12 and GN 7B Require](https://blog.kycafrica.ncino.com/rmcp-compliance-what-directive-10-12-and-gn-7b-require) ![RMCP Compliance: What Directive 10, 12 and GN 7B Require](https://blog.kycafrica.ncino.com/hubfs/RMCP%20Compliance_%20What%20Directive%2010%2c%2012%20and%20GN%207B%20Require.jpg) - ### [Important FIC Regulatory Updates: Directive 10, Draft Directive 12 & Guidance Note 7B](https://blog.kycafrica.ncino.com/fic-updates-directive-10-draft-directive-12-guidance-note-7b) ![Important FIC Regulatory Updates: Directive 10, Draft Directive 12 & Guidance Note 7B](https://blog.kycafrica.ncino.com/hubfs/Important%20FIC%20Regulatory%20Updates_%20Directive%2010%2c%20Draft%20Directive%2012%20%26%20Guidance%20Note%207B.jpg) - ### [What Are The Key Requirements That Need to be Met in Order to be FICA Compliant?](https://blog.kycafrica.ncino.com/the-key-requirements-that-need-to-be-met-in-order-to-be-fica-compliant) ![What Are The Key Requirements That Need to be Met in Order to be FICA Compliant?](https://blog.kycafrica.ncino.com/hubfs/The%20Key%20Requirements%20That%20Need%20to%20be%20Met%20in%20Order%20to%20be%20FICA%20Compliant.jpg) - ### [What is the Complete list of Accountable Institutions Under FICA?](https://blog.kycafrica.ncino.com/accountable-institutions-under-fica-complete-list-and-compliance-obligations) ![What is the Complete list of Accountable Institutions Under FICA?](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Accountable-Institutions-Under-FICA-Complete-List-and-Compliance-Obligations-1.jpg) - ### [Everything You Need to Know About Ultimate Beneficial Owners \[Part 1\]](https://blog.kycafrica.ncino.com/everything-you-need-to-know-about-ultimate-beneficial-owners) ![Everything You Need to Know About Ultimate Beneficial Owners \[Part 1\]](https://blog.kycafrica.ncino.com/hubfs/Business%20man%20looking%20through%20a%20filling%20cabinet%20with%20illustrated%20diagram%20of%20UBO%20structure.png) ![nCino Full colour Logo](https://blog.kycafrica.ncino.com/hubfs/nCino%20Full%20colour%20Logo.svg) Subscribe to our newsletter [Subscribe](https://share-eu1.hsforms.com/1EGe3layITCaXlgtYEX6fSwetu2j) - - - - ### Solutions - [Client Onboarding](https://kycafrica.ncino.com/solutions/customer-onboarding/) - [Watchlist](https://kycafrica.ncino.com/solutions/watchlist-screening/) - [Risk Rating](https://kycafrica.ncino.com/solutions/risk-rating/) - [Bank Account Verification](https://kycafrica.ncino.com/solutions/account-verification/) - [Compliance Services](https://kycafrica.ncino.com/solutions/compliance-services/) - [Training and Webinars](https://kycafrica.ncino.com/solutions/training-and-webinars/) ### Industries - [nCino for Banks](https://www.ncino.com/) - [High Value Goods Dealers](https://kycafrica.ncino.com/industries/high-value-goods-dealers/) - [Law Firms](https://kycafrica.ncino.com/industries/law-firms/) - [Real Estate Industry](https://kycafrica.ncino.com/industries/real-estate-industry/) - [Stock Brokers](https://kycafrica.ncino.com/industries/stock-brokerage/) - [Forex Traders](https://kycafrica.ncino.com/industries/forex-traders/) - [Financial Service Providers](https://kycafrica.ncino.com/industries/financial-advisors/) - [Credit and Lending](https://kycafrica.ncino.com/industries/credit-and-lending/) - [Motor Vehicle Dealers](https://kycafrica.ncino.com/industries/motor-vehicle-dealers/) - [Other Accountable Institutions](https://kycafrica.ncino.com/industries/other-accountable-institutions/) ### Company - [About](https://kycafrica.ncino.com/about/) - [Press Releases](https://kycafrica.ncino.com/press/) - [Careers](https://www.ncino.com/our-company/careers) - [Contact](https://kycafrica.ncino.com/contact/) - [Partner with us](https://kycafrica.ncino.com/industries/our-partners/) - [FICA FAQ's](https://kycafrica.ncino.com/fica-faqs/) ### Legal & Compliance - [Terms and Conditions](https://kycafrica.ncino.com/terms-and-conditions/) - [Privacy Statement](https://kycafrica.ncino.com/privacy-policy/) - [PAIA Manual](https://kycafrica.ncino.com/wp-content/uploads/2025/03/nCino-SA-PAIA-Manual-March-2025-2.pdf) - Cookie Settings © 2016 – 2026 nCino. 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