From CompliNEWS | Financial Service Intelligence Watch

2024 FIC Act booklet released

The Financial Intelligence Centre (FIC) has released the 2024 version of its Financial Intelligence Centre Act booklet.

This booklet contains the Financial Intelligence Centre Act (FIC Act) and related regulations aimed at preventing money laundering and terrorist financing. The FIC Act establishes the Financial Intelligence Centre to combat these activities and imposes duties on institutions and individuals to prevent their use for money laundering and terrorist financing. Key aspects include:


  • Customer due diligence measures, including beneficial ownership and prominent persons
  • Risk-based approach to client identification and verification
  • Financial sanctions and implementation of UN Security Council resolutions
  • Information sharing between the Centre and supervisory bodies
  • Risk management and compliance programs, governance, and training
  • Registration of accountable and reporting institutions
  • Roles and responsibilities of supervisory bodies
  • Powers to conduct inspections and impose administrative sanctions
  • Appeal board for decisions of the Centre or supervisory bodies
  • Amendments to related laws, including the Prevention of Organised Crime Act and Promotion of Access to Information Act.

The booklet includes the FIC Act, Money Laundering and Terrorist Financing Control Regulations, Prevention of Organised Crime Act, and Protection of Constitutional Democracy Against Terrorist and Related Activities Act.