Run a full FIC-grade AML programme without the consultancy bill.
RMCP, CDD / EDD registers, Section 28 CTRs, STRs, sanctions screening and beneficial ownership — every FIC Amendment Act obligation in one engine.
Regulators
- FIC — Financial Intelligence Centre — Primary FIC Act regulator: registration, RMCP approval, CTR/STR receipt, admin penalties.
- FSCA — Financial Sector Conduct Authority — Supervisory body for licensed financial services providers.
- SARB — South African Reserve Bank / Prudential Authority — Supervises banks, life insurers and mutual banks under FIC.
- Companies & Intellectual Property Commission (CIPC) — Beneficial ownership register per FIC Amendment Act 1 of 2017.
What the engine tracks
- RMCP (Risk Management & Compliance Programme) template auto-populated to your business
- Customer Due Diligence (CDD) & Enhanced Due Diligence registers with re-screen reminders
- Section 28 Cash Threshold Reports (CTRs ≥ R49,999.99) tracked & filed inside the app
- Suspicious & Unusual Transaction Report (STR/SAR) workflow with audit trail
- Sanctions screening checkbox + evidence log (TFS, UNSC, OFAC reference)
- Beneficial ownership register kept current per FIC Amendment Act
What is included
- Affordability & creditworthiness calculator (300–900 score)
- AML risk matrix export (Excel)
- Compliance calendar with CTR / re-screen deadlines
- Daily email reminders
- One-click evidence ZIP for FIC inspection
Penalties
- FIC Act 38 of 2001, s43B — RMCP non-compliance: Up to R10 000 000 per contravention + director personal liability
- FIC Act 38 of 2001, s28 — CTR non-filing (cash ≥ R49,999.99): Up to R10 000 000 per missed CTR
- FIC Act 38 of 2001, s29 — STR non-filing: Up to R100 000 000 fine and/or 15 years imprisonment
- Companies Act 71 of 2008 + FIC Amendment, Beneficial ownership register failures: Up to R1 000 000 CIPC fine + FIC supplementary exposure
Frequently asked
Who is an accountable institution?
The 11 categories in Schedule 1 of the FIC Act — including banks, legal practitioners, estate agents, dealers in high-value goods (vehicles, jewellery, art ≥ R100,000), trust & company service providers, gambling operators and many more. TefCo's AML engine fits any of them.
Does it file CTRs to the FIC for me?
TefCo gives you the CTR data capture, validation and audit trail. The submission to goAML still happens through the FIC's secure portal — TefCo prepares everything you upload.
Does it do sanctions screening?
TefCo logs a checkbox + evidence reference for your screening process (TFS, UNSC, OFAC) on each onboarding and re-screen. We do not operate as a sanctions-screening data provider — pair with your existing screening tool or use the manual reference workflow.
Beneficial ownership?
Yes — the BO register is kept current per the FIC Amendment Act, with reminders to update CIPC after any change.
Personal liability for directors?
Section 43B exposes directors personally for RMCP failures. The audit trail TefCo maintains helps demonstrate reasonable steps — every decision, every screening, every CTR with a date stamp.
Pricing?
Three ways to run it: Specialist Starter at R149/month (Starter base + this one engine at full depth), Single Specialist at R399/month standalone (this engine + CIPC + SARS + POPIA + HR at full depth), or R1,200/month inside the Full Stack Specialist bundle (all 8 specialist engines + corporate foundation).