Overview of South African AML regulations

South Africa's AML framework is based on the Financial Intelligence Centre Act (FICA), with the Financial Intelligence Centre (FIC) as the primary supervisor. South Africa was grey-listed by the FATF in February 2023 and removed in October 2025, after significant legislative and enforcement reforms.

FATF grey-listing impact

South Africa's placement on the FATF grey list signalled strategic deficiencies in its AML framework. Reforms have included enhanced beneficial ownership requirements, increased enforcement action, and strengthened supervision of accountable institutions. Since its removal from the grey list, South Africa is no longer a jurisdiction under increased monitoring, but firms should still assess South African counterparties on their own risk, applying enhanced due diligence where it is warranted.

Accountable institutions

Under FICA, accountable institutions include banks, attorneys, estate agents, accountants, and dealers in high-value goods. These institutions must register with the FIC, implement risk management and compliance programmes, conduct CDD, and file suspicious transaction reports.