In South Africa, the Financial Intelligence Centre Act (FICA) mandates certain institutions to adhere to specified compliance measures to deter money laundering and terrorism financing. These institutions, known as accountable institutions under FICA, have been outlined in Schedule 1 of the Act. As per the directive from the Financial Intelligence Centre, the following entities are recognized as accountable institutions:

Legal Practitioners: Including attorneys as defined in the Attorneys Act.

Trust and Company Service Providers: Encompassing a board of executors, trust companies, or any other entity that handles trust property as per the Trust Property Control Act.

Estate Agents: As outlined in the Estate Agents Act.

Financial Instrument Traders: Defined under the Financial Markets Control Act.

Management Companies: Registered in alignment with the Unit Trusts Control Act.

Banking Institutions: Entities conducting the 'business of a bank' as defined in the Banks Act, along with mutual banks as defined in the Mutual Banks Act.

Insurance Entities: Those carrying on a 'long-term insurance business' according to the Long-Term Insurance Act, including insurance brokers and agents.

Gambling Institutions: Entities requiring a gambling license issued by a provincial licensing authority.

Foreign Exchange Dealers: Entities dealing in foreign exchange.

Lenders: Entities lending money against the security of securities.

Investment Advisors and Brokers: in terms of FAIS and including public accountants who offer investment advice or brokerage services, as defined in the Public Accountants and Auditors Act.

Financial Instrument Issuers: Entities issuing, selling, or redeeming travelers' cheques, money orders, or similar instruments.

Postbank: Referred to in the Postal Services Act.

Stock Exchange Members: Members of a stock exchange licensed under the Stock Exchanges Control Act, along with individuals approved by the Registrar of Stock Exchanges or the Registrar of Financial Markets as per respective Acts.

Money Remitters: Entities in the business of money remittance.

These amendments and additions to the list of accountable institutions reflect South Africa's ongoing efforts to bolster its anti-money laundering and counter-terrorism financing frameworks, aligning with global standards and pre-empting potential grey-listing scenarios.

Updated List of Accountable Institutions under FICA in South Africa 2023