Current Affairs - Bills and Acts - Discussion

The Financial Intelligence Centre Act (FIC Act, 2001), under which the State Bank of India's South Africa branch was fined for non-compliance, was enacted in 2003. This legislation aimed to combat money laundering and terrorist financing by establishing a regulatory framework for financial institutions to report suspicious transactions and maintain customer due diligence. The Act plays a crucial role in safeguarding the integrity of South Africa's financial system and aligning with international standards on anti-money laundering and counter-terrorism financing.