Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC
Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).Read more
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.
The risk assessment reports are intended to help accountable institutions understand their money laundering and terrorism financing risks.
The South African Revenue Service is flagging tax returns that have not been filed and where it has third-party information available to it.
The finance committee’s decision seems, in part, to be based on the assumption that some fund administrators will be ready to ‘go live’ on 1 March next year.
The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.
Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.
Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Financial institutions are expected to implement IT controls that are commensurate with their risk appetite, based on the nature and size of an institution’s operations.
It was argued that the Act does not require the FSCA to invite submissions before deciding whether a person has contravened a financial sector law.
Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.