Banking Association unpacks role of FIC amid Ramaphosa leaks

Cas Coovadia from the Banking Association of South Africa unpacks the role of the Financial Intelligence Centre. Courtesy #DStv403

JOHANNESBURG – The Banking Association of South Africa says banks don’t request information from the Financial Intelligence Centre and that it is the FIC that receives information from the banks.

President Cyril Ramaphosa’s legal team has accused the FIC of unlawfully leaking bank account statements linked to his CR17 campaign.

The documents are at the centre of his legal dispute with Public Protector Busisiwe Mkhwebane.

The public protector has said it received information from the FIC, but the Banking Association of South Africa says the move is unusual.

READ: Parliament's headache over Mkhwebane's removal

The association says it provides information to the FIC if it identifies unusual activity in a bank account.

“The bank as an accountable institution provides the FIC with information not the other way around,” said Cas Coovadia from the Banking Association of South Africa.

“The bank provides the FIC with information if they suspect any illegal activity going through your account.

The FIC uses the information to ensure that there is no money-laundering happening, if the FIC is of the view that the information it has should be investigated, the FIC institutes that investigation.

“Once the bank passes that information to the FIC, the FIC is the body that institutes the investigate then normal bodies are used to investigate the particular account.”

Source
eNCA