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).

FATF releases report on SA’s progress with addressing compliance deficiencies

Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.

Draft guidance on how accountable institutions must comply with their financial sanctions obligations

The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.

Comply with Directive 7 by Friday or face the consequences, says FIC

The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.

FSCA publishes extensive draft Conduct Standard for CIS managers

Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.

Treasury clarifies aspects of the renewable energy tax incentive for businesses

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.

FIC issues draft risk assessments for company service providers and dealers in precious metals and stones

The risk assessment reports are intended to help accountable institutions understand their money laundering and terrorism financing risks.

South Africans abroad must review their Sars profiles for tax compliance

The South African Revenue Service is flagging tax returns that have not been filed and where it has third-party information available to it.

Two pots: MPs envisage staggered implementation

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.

LIVE UPDATE | MPs insist two-pot system be implemented on 1 March 2024

The National Assembly’s Standing Committee on Finance met on Tuesday morning to deliberate clause-by-clause on the two-pot legislation.

National Financial Ombud set to start in January 2024 – draft rules and MOI published

Financial sector participants should take note of the differences between the NFO’s Rules and the rules of the existing ombud schemes.

Second take: Joint Standard on IT governance and risk management

Law firm Clyde & Co summarises the key implications of the Joint Standard for financial institutions.

FIC publishes draft guidance on how accountable institutions can identify beneficial ownership

The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.

Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation

Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?

Joint Standard on how financial institutions should manage their IT risks

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.

Supreme Court of Appeal dismisses challenge to the procedural fairness of sections of the FSR Act

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.

Treasury makes some concessions on drastic tax proposals

Update on draft legislation: the requirement for foreign employers to withhold PAYE, Practice Note 31, and the foreign business establishment exemption.