Financial Intelligence Centre Act

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The Financial Intelligence Centre has issued a request, in accordance with section 42(4)(a) of the Financial Intelligence Centre Act, 2001, for certain accountable institutions (Legal practitioners; Trust and company service providers, including accountants; Estate agents; Credit providers; SA Postbank; High-value goods dealers; SA Mint Company (RF) (Pty) Ltd and Crypto asset service providers) to submit…

This blog was co-authored by Yuveshen Naidoo, Candidate Attorney.

In November 2024, the High Court considered whether a bank was delictually liable for financial loss caused by a fraudulent email scheme perpetrated by their customer on a third party. The court dismissed the claim and held that the bank’s obligations under the Financial Intelligence Centre…