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1. In which year was the Financial Intelligence Centre Act enacted in South Africa?
The Financial Intelligence Centre Act (FIC Act, 2001), under which the State Bank of India's South Africa branch was fined for non-compliance, was enacted in 2003. This legislation aimed to combat money laundering and terrorist financing by establishing a regulatory framework for financial institutions to report suspicious transactions and maintain customer due diligence. The Act plays a crucial role in safeguarding the integrity of South Africa's financial system and aligning with international standards on anti-money laundering and counter-terrorism financing.