The Financial Intelligence Centre Act (FICA) No 38 of 2001 was therefore promulgated.
This course will discuss the FICA in full, but, at this point, it is important to know that the Act set up the Financial Intelligence Centre, which has as its principal objective “to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities”.
The Centre must then “make information collected by it available to investigating authorities, the intelligence services, and SARS to facilitate the administration and enforcement of the laws of the Republic”, as well as “to exchange information with similar bodies in other countries regarding money laundering activities and similar offences”.

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If you are caught disrespecting anyone’s personal information, you could be liable for a fine of between R1 million and R10 million PER INCIDENT! As if that is not enough – Jail-time…from 1 year up to 10 years. Yes, it is getting real! If found guilty of a breach, the leader of the organisation could spend time behind bars. I don’t know about you, but that feels like a big risk to me?
If that is not enough, statistics show that if you do not take protection of personal information seriously, more than half your clients will rather go to your competitor than stay with you.
My last reason to rather just buckle up and protect personal information is the HUGE ADVANTAGE compliance can give you over your competitors. Being able to tell your existing and potential clients that you respect them and their personal information is something I would personally move for.

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