{"id":913,"date":"2026-10-24T11:45:56","date_gmt":"2026-10-24T00:45:56","guid":{"rendered":"https:\/\/nexiant.ai\/resources\/blogs\/?p=913"},"modified":"2026-10-28T11:52:15","modified_gmt":"2026-10-28T00:52:15","slug":"insights-south-africa-aml-amendment-bill-transaction-monitoring","status":"publish","type":"post","link":"https:\/\/nexiant.ai\/resources\/blogs\/insights-south-africa-aml-amendment-bill-transaction-monitoring\/","title":{"rendered":"What South Africa\u2019s 2026 AML Amendment Bill Changes for Transaction Monitoring Records, PEP Files and Technology Risk"},"content":{"rendered":"\n<style>\n  .nx-blog * { box-sizing: border-box; margin: 0; padding: 0; }\n  .nx-blog { font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, sans-serif; font-size: 16px; line-height: 1.75; color: #1a1a2e; max-width: 820px; margin: 0 auto; }\n  .nx-blog h2 { font-size: 1.55rem; font-weight: 700; color: #00184C; margin: 2.5rem 0 0.75rem; padding-bottom: 0.4rem; border-bottom: 3px solid #073EA1; 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}\n  }\n<\/style>\n\n\n<div class=\"nx-blog\">\n\n  <!-- HERO -->\n  <div class=\"nx-hero\">\n    <span class=\"nx-tag\">Transaction Monitoring &nbsp;\u00b7&nbsp; October 2026 &nbsp;\u00b7&nbsp; South Africa<\/span>\n    <p class=\"nx-meta\">The Bill is not law yet, but four of its proposals reach straight into monitoring: lifestyle audits of domestic PEPs, seven-year records, technology risk in the RMCP and group host-country risk.<\/p>\n  <\/div>\n\n  <!-- INTRODUCTION -->\n  <p><strong>South Africa\u2019s AML Amendment Bill<\/strong> is the legislative follow-through to the country\u2019s October 2025 exit from the FATF grey list. The <a href=\"https:\/\/pmg.org.za\/bill\/1347\/\" class=\"nx-inline-link\" target=\"_blank\" rel=\"noopener\">General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill<\/a> [B15-2026] was introduced by the Minister of Finance on 27 May 2026 and amends five Acts, including the Financial Intelligence Centre Act, 2001 (FICA). <a href=\"https:\/\/www.parliament.gov.za\/committee-notice-details\/962\" class=\"nx-inline-link\" target=\"_blank\" rel=\"noopener\">Parliament describes its aim<\/a> as addressing the remaining deficiencies from the 2021 FATF mutual evaluation and the remedial process that ended in the grey-list exit, and securing a better rating in the current evaluation, which concludes in October 2027.<\/p>\n  <p>The Standing Committee on Finance completed clause-by-clause deliberations on 23 September 2026 but did not formally adopt the Bill, according to <a href=\"https:\/\/www.moonstone.co.za\/aml-bill-committee-completes-clause-by-clause-deliberations\/\" class=\"nx-inline-link\" target=\"_blank\" rel=\"noopener\">Moonstone\u2019s report of the meeting<\/a>. It still has to be adopted by the committee, pass the National Assembly and go through the National Council of Provinces, and its wording has been changing in committee. The provisions below are described as they stood in that report.<\/p>\n  <p>That makes this a planning article rather than a compliance requirement. For a monitoring team, four proposals matter more than the rest.<\/p>\n\n  <!-- TOP VISUAL -->\n  <div class=\"nx-media\">\n    <img decoding=\"async\"\n      src=\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' width='820' height='460' viewBox='0 0 820 460'%3E%3Cdefs%3E%3ClinearGradient id='bg' x1='0' y1='0' x2='1' y2='1'%3E%3Cstop offset='0' stop-color='%2300184C'\/%3E%3Cstop offset='1' stop-color='%23073EA1'\/%3E%3C\/linearGradient%3E%3C\/defs%3E%3Crect width='820' height='460' rx='22' fill='url(%23bg)'\/%3E%3Ctext x='410' y='70' text-anchor='middle' font-family='Arial, sans-serif' font-size='30' font-weight='700' fill='%23ffffff'%3EFrom Bill to monitoring%3C\/text%3E%3Crect x='86' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.92'\/%3E%3Crect x='328' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.88'\/%3E%3Crect x='570' y='132' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.84'\/%3E%3Crect x='207' y='272' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.86'\/%3E%3Crect x='449' y='272' width='165' height='92' rx='18' fill='%23ffffff' opacity='0.90'\/%3E%3Ccircle cx='168' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='410' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='652' cy='162' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='290' cy='302' r='16' fill='%23073EA1'\/%3E%3Ccircle cx='531' cy='302' r='16' fill='%23073EA1'\/%3E%3Ctext x='168' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3ELifestyle audits%3C\/text%3E%3Ctext x='410' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3EPEP files%3C\/text%3E%3Ctext x='652' y='198' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3ERecords%3C\/text%3E%3Ctext x='290' y='338' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3ETechnology risk%3C\/text%3E%3Ctext x='531' y='338' text-anchor='middle' font-family='Arial, sans-serif' font-size='17' font-weight='700' fill='%2300184C'%3EGroup risk%3C\/text%3E%3Ctext x='410' y='410' text-anchor='middle' font-family='Arial, sans-serif' font-size='20' font-weight='600' fill='%23AEC9FF'%3EFour proposals to plan for%3C\/text%3E%3C\/svg%3E\"\n      alt=\"South Africa AML Amendment Bill visual showing four proposals in the South African AML Amendment Bill that affect monitoring teams: lifestyle audits and PEP files, seven-year records, technology risk in the RMCP and group host-country risk\"\n      loading=\"lazy\"\n      width=\"820\"\n      height=\"460\"\n    >\n    <p class=\"nx-caption\">The Bill\u2019s FICA proposals that touch monitoring work: lifestyle audits and PEP files, record periods, technology risk in the RMCP and group host-country risk.<\/p>\n  <\/div>\n\n  <!-- QUICK ANSWER -->\n  <div class=\"nx-callout\">\n    <div class=\"nx-callout-title\">Quick answer<\/div>\n    <p>The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill [B15-2026] was introduced in the National Assembly on 27 May 2026. The Standing Committee on Finance completed clause-by-clause deliberations on 23 September 2026 without formally adopting it. As reported, it would let the FIC conduct lifestyle audits, lengthen specified record-retention periods under FICA from five to seven years and require Risk Management and Compliance Programmes to address new delivery mechanisms and technologies.<\/p>\n  <\/div>\n\n  <h2 id=\"where-the-bill-stands\"><span class=\"ez-toc-section\" id=\"Where_the_Bill_stands\"><\/span>Where the Bill stands<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The Parliamentary Monitoring Group\u2019s page on B15-2026 shows it as under consideration by the National Assembly and classified under section 75, which covers ordinary Bills not affecting the provinces. At the 23 September meeting a committee member questioned that classification and Parliamentary Legal Services undertook to reconsider it. Under either classification the Bill goes to the National Council of Provinces.<\/p>\n  <p>The reports reviewed on 27 October 2026 showed no later step.<\/p>\n  <div class=\"nx-flow\">\n    <div class=\"nx-flow-step\">\n      <div class=\"nx-flow-number\">1<\/div>\n      <h4>27 May 2026<\/h4>\n      <p>Bill introduced in the National Assembly.<\/p>\n    <\/div>\n    <div class=\"nx-flow-step\">\n      <div class=\"nx-flow-number\">2<\/div>\n      <h4>10 July to 10 August 2026<\/h4>\n      <p>Written comments invited; public hearings on 11 August.<\/p>\n    <\/div>\n    <div class=\"nx-flow-step\">\n      <div class=\"nx-flow-number\">3<\/div>\n      <h4>23 September 2026<\/h4>\n      <p>Committee completes clause-by-clause deliberations without formal adoption.<\/p>\n    <\/div>\n    <div class=\"nx-flow-step\">\n      <div class=\"nx-flow-number\">4<\/div>\n      <h4>Still to come<\/h4>\n      <p>Committee report, National Assembly vote, then the National Council of Provinces.<\/p>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"lifestyle-audits-and-the-domestic-pep-file\"><span class=\"ez-toc-section\" id=\"Lifestyle_audits_and_the_domestic_PEP_file\"><\/span>Lifestyle audits and the domestic PEP file<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>ENS\u2019s analysis of the draft Bill notes that the FIC may at present conduct a lifestyle audit only if it is already following a suspicious financial trail, and that the proposed amendments remove that limitation. The firm describes a lifestyle audit as a preliminary indicator, not a prosecution mechanism.<\/p>\n  <p>In committee, the Bill would let the FIC audit persons listed in Schedule 3A of FICA (domestic politically exposed persons) or another category the Minister prescribes, at the request of an organ of state, public entity or municipality. The condition on requests was tightened. National Treasury proposed that the requesting body must be entitled to the information and that the FIC must be satisfied of that, replacing a test that the body was affected by or had an interest in it.<\/p>\n  <p>An accountable institution does not conduct lifestyle audits. A reasonable reading is that an audit asks whether a person\u2019s standard of living matches legitimate income, which is the same question a domestic PEP\u2019s source-of-wealth record and monitoring profile already try to answer.<\/p>\n  <div class=\"nx-callout\">\n    <div class=\"nx-callout-title\">Reading the proposal precisely<\/div>\n    <p>The audit power would belong to the FIC. Nothing in the reports reviewed adds a lifestyle-audit duty for accountable institutions.<\/p>\n  <\/div>\n\n  <h2 id=\"seven-year-records\"><span class=\"ez-toc-section\" id=\"Seven-year_records\"><\/span>Seven-year records<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>As reported, specified record-retention periods under FICA would increase from five to seven years. The FIC has said institutions would not have to reconstruct records that had already been lawfully destroyed, but records still in existence when the amendments commence would become subject to the longer period.<\/p>\n  <p>For monitoring teams the practical effect falls on alert, case and customer-profile records that sit on five-year schedules.<\/p>\n  <div class=\"nx-table-wrap\">\n    <table class=\"nx-table\">\n      <thead>\n        <tr><th>Item<\/th><th>What is proposed<\/th><th>What a monitoring team should check<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td><strong>Retention period<\/strong><\/td>\n          <td>Specified periods rise from five to seven years<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">Which alert, case and profile records are on five-year schedules<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Records still held<\/strong><\/td>\n          <td>Records in existence at commencement fall under the longer period<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">Whether disposal jobs would delete records that would then still be required<\/span><\/td>\n        <\/tr>\n        <tr>\n          <td><strong>Records already destroyed<\/strong><\/td>\n          <td>No duty to reconstruct, according to the FIC<\/td>\n          <td><span class=\"nx-badge nx-badge--blue\">That disposal logs show when and under what authority records were destroyed<\/span><\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2 id=\"technology-risk-and-group-host-country-risk\"><span class=\"ez-toc-section\" id=\"Technology_risk_and_group_host-country_risk\"><\/span>Technology risk and group host-country risk<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Risk Management and Compliance Programmes would have to address risks associated with new delivery mechanisms and new or developing technologies. An accountable institution operating internationally would also have to consider the host country\u2019s risk level. Where local law prevented a measure FICA requires, it would have to apply appropriate additional measures and inform the FIC and the relevant supervisory body. Separately, giving effect to a business relationship or single transaction with an anonymous client or one acting under a false or fictitious name would be non-compliance subject to administrative sanction.<\/p>\n  <div class=\"nx-grid\">\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M10 1L3 5v6c0 4.25 3 8.22 7 9 4-.78 7-4.75 7-9V5l-7-4zm0 2.18l5 2.78V11c0 3.13-2.18 6.07-5 6.93C7.18 17.07 5 14.13 5 11V5.96l5-2.78z\"\/><\/svg><\/div>\n      <h4>New technology risk<\/h4>\n      <p>The RMCP must address new delivery mechanisms and technologies.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M3 3h14v2H3zm0 4h14v2H3zm0 4h10v2H3zm0 4h7v2H3z\"\/><\/svg><\/div>\n      <h4>Host-country risk<\/h4>\n      <p>Groups must consider the host country\u2019s risk level.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M10 2a8 8 0 100 16A8 8 0 0010 2zm1 11H9V9h2v4zm0-6H9V5h2v2z\"\/><\/svg><\/div>\n      <h4>Local-law conflicts<\/h4>\n      <p>Additional measures, and notice to the FIC and supervisor.<\/p>\n    <\/div>\n    <div class=\"nx-card\">\n      <div class=\"nx-card-icon\"><svg viewBox=\"0 0 20 20\"><path d=\"M13 6a3 3 0 11-6 0 3 3 0 016 0zm5 10a7 7 0 00-14 0h14z\"\/><\/svg><\/div>\n      <h4>Anonymous clients<\/h4>\n      <p>Giving effect to the relationship or transaction is non-compliant.<\/p>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"beneficial-ownership-discrepancies-and-the-npo-sector\"><span class=\"ez-toc-section\" id=\"Beneficial_ownership_discrepancies_and_the_NPO_sector\"><\/span>Beneficial ownership discrepancies and the NPO sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Two further strands may reach some institutions. The Companies Act amendments would create a category of discrepancy reporting institution, set by the Minister, that would have to report material differences between the Companies and Intellectual Property Commission\u2019s beneficial ownership register and the information the institution holds. Not every accountable institution would be in that category. The NPO Act amendments would widen the Directorate for NPOs\u2019 role to monitoring and enforcing compliance, with administrative sanctions and offences carrying up to R1 million, five years\u2019 imprisonment, or both. NPO representatives raised concerns in committee, and the Department of Social Development said supervision would be risk-based and proportionate.<\/p>\n\n  <h2 id=\"a-readiness-checklist-while-the-text-moves\"><span class=\"ez-toc-section\" id=\"A_readiness_checklist_while_the_text_moves\"><\/span>A readiness checklist while the text moves<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Nothing here needs to change before the Bill is final. Four preparatory steps cost little and avoid rework.<\/p>\n  <div class=\"nx-obligations\">\n    <div class=\"nx-obl-item\">\n      <h4>Map retention schedules<\/h4>\n      <p>List alert, case and PEP records on five-year schedules and test a move to seven.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Review the domestic PEP file<\/h4>\n      <p>Check that source-of-wealth evidence and the monitoring profile are current.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Add technology to the RMCP review<\/h4>\n      <p>Document how new delivery mechanisms and tools are assessed for ML\/TF risk.<\/p>\n    <\/div>\n    <div class=\"nx-obl-item\">\n      <h4>Track the Bill<\/h4>\n      <p>Watch the committee report and amendments before changing programmes.<\/p>\n    <\/div>\n  <\/div>\n\n  <h2 id=\"how-nexiant-supports-reform-readiness\"><span class=\"ez-toc-section\" id=\"How_Nexiant_supports_reform_readiness\"><\/span>How Nexiant supports reform readiness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>FraudShield, Nexiant\u2019s specialist transaction-monitoring brand, is built around real-time detection, configurable rule logic and case-management workflows. For reform readiness, the useful tests of any monitoring capability are whether retention can be set by record type and changed without losing history, whether PEP-related alerts and profile changes sit in one case record, and whether the reason for a rule change is kept. Nexiant brings these questions together across KYC, fraud and monitoring as a design discipline, not as a claim about one integrated system.<\/p>\n\n\n  <hr class=\"nx-divider\">\n\n  <h2 id=\"frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n  <!-- FAQ -->\n  <div class=\"nx-faq\">\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">Is the General Laws AML Amendment Bill law yet?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">No. The Bill [B15-2026] was introduced in the National Assembly on 27 May 2026. The Standing Committee on Finance completed clause-by-clause deliberations on 23 September 2026 without formally adopting it, and it must still pass the National Assembly and the National Council of Provinces.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">What are lifestyle audits under the Bill?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">As described in analysis of the draft Bill, a lifestyle audit assesses whether a person\u2019s standard of living is consistent with legitimate income and is a preliminary indicator rather than a prosecution step. In committee the proposal would let the FIC audit domestic politically exposed persons, or another category the Minister prescribes, at the request of a public body that is entitled to the information.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">Would FICA record-retention periods change?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">As reported, specified record-retention periods would increase from five to seven years. Records still in existence when the amendments commence would become subject to the longer period, and the FIC has said institutions would not have to reconstruct records already lawfully destroyed.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">What would the Bill require of a Risk Management and Compliance Programme?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">It would have to address risks associated with new delivery mechanisms and new or developing technologies. An institution operating internationally would also have to consider the host country\u2019s risk level and, where local law prevents a FICA measure, apply additional measures and inform the FIC and its supervisory body.<\/div>\n    <\/div>\n    <div class=\"nx-faq-item\">\n      <button class=\"nx-faq-q\" aria-expanded=\"false\">When does South Africa\u2019s current FATF mutual evaluation conclude?<span class=\"nx-chevron\"><svg viewBox=\"0 0 10 6\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M1 1l4 4 4-4\"\/><\/svg><\/span><\/button>\n      <div class=\"nx-faq-a\">Parliament\u2019s call for submissions on the Bill says the current FATF mutual evaluation concludes in October 2027.<\/div>\n    <\/div>\n  <\/div>\n\n  <!-- CTA -->\n  <div class=\"nx-cta\">\n    <h3>Plan for the Bill without waiting for the final text<\/h3>\n    <p>Speak with a Nexiant expert about retention, PEP monitoring and technology-risk governance for South African accountable institutions, or explore FraudShield\u2019s case-management and rule-configuration capability.<\/p>\n    <a href=\"https:\/\/nexiant.ai\/contact-us\/\">Speak with an expert<\/a>\n  <\/div>\n\n  <p class=\"nx-disclaimer\">This article was accurate at the time of publication in October 2026 and is intended for general informational purposes only. It does not constitute legal, regulatory or compliance advice. Organisations should seek qualified professional guidance in relation to their specific obligations.<\/p>\n\n<\/div>\n\n<script>\n  document.querySelectorAll('.nx-faq-q').forEach(function(btn) {\n    btn.addEventListener('click', function() {\n      var expanded = this.getAttribute('aria-expanded') === 'true';\n      this.setAttribute('aria-expanded', !expanded);\n      this.nextElementSibling.classList.toggle('open', !expanded);\n    });\n  });\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Is the General Laws AML Amendment Bill law yet?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"No. The Bill [B15-2026] was introduced in the National Assembly on 27 May 2026. 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South Africa\u2019s AML Amendment Bill is the legislative follow-through to the country\u2019s October 2025 exit from [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_aioseo_title":"South Africa AML Amendment Bill and Monitoring | Nexiant","_aioseo_description":"South Africa\u2019s 2026 AML Amendment Bill proposes lifestyle audits, seven-year records, and technology-risk duties. 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