Financial Intelligence Centre (FIC) is working with the South African Reserve Bank (SARB) on cryptocurrency anti money laundering regulations

The use of crypto-assets for the purpose of money laundering is a hot topic. Apparently it is on the rise globally and the Financial Intelligence Centre (FIC) is working with the Reserve Bank to develop a legislative framework to regulate these activities in South Africa.

In terms of how the FIC Act works, banks, financial institutions, estate agents and other accountable institutions have to report any suspicious transactions to the FIC.

The FIC executive manager for monitoring and analysis is Mike Masiapato. He recently stated that once a legislative framework has been worked out it will be obligatory to report suspicious transactions related to crypto-assets.

In addition to this, the Financial Action Task Force (FTAF) whi are the international body that sets standards for measures to combat money laundering and the financing of terrorism have urged authorities to develop mechanisms to regulate the use of crypto-assets.

“There is clear evidence internationally that money laundering is moving away from conventional financial systems and regulated currencies into the crypto space,” Masiapato said.

He then added “Currently, in the absence of a clear regulatory framework, we are just working with the service providers of crypto-currencies, such as Luno, so they give us reports of suspicious transactions within their own spaces related to crypto-assets.”

FIC director Xolisile Khanyile spoke about the lack of convictions in the cases that the FIC reported to the various authorities and Masiapato explained that this is due to money laundering being very complicated it has been hard to take action.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dominance war to push Ethereum to $270

The Altcoin segment is still in full swing while the crypto board leaders, Bitcoin and Ethereum, remain stuck at the same levels as in recent weeks.

More Bitcoin News

XRP/USD glued to $0.2000 after a failed recovery attempt

Ripple's XRP is changing hands at $0.2000, mostly unchanged both on a day-to-day basis and since the beginning of Monday. The coin has been locked in a tight range since July 11 after a retreat from the recovery high of $0.2117.

More Ripple News

IOT/USD lift-off to moon begins as $0.30 draws nigh

IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. 

More IOTA News

Ethereum Price Update

Ethereum (ETH) is changing hands at $243.90,  mostly unchanged both on a day-to-day basis and since the beginning of Monday. The second-largest digital asset has recovered above the short-term channel resistance $24.00, however, the further upside has stalled above $243.00. 

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast