FIC issues guide on the definition of a ‘legal practitioner’
Public Compliance Communication 47A also provides examples of money laundering and terrorist financing risk indicators for legal practitioners.
Accountable institution
FIC publishes new guide on how to register with the Centre
Public Compliance Communication 5D updates the content of PCC 5C to take account of the changes to Schedules 1 and 3 to FICA.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
What accountable institutions should consider when screening employees
Complying with the FIC’s Directive 8 without falling foul of the Employment Equity Act, which protects employees from unfair discrimination.
Update: Fica webinar for new accountable institutions is now fully booked
We are giving away two-and-a-half hours of Fica compliance expertise on 7 June.
Harsh penalties for trustees for non-compliance with new reporting requirements
The offences relate to not recording information about beneficial ownership and service providers that are accountable institutions.
FIC issues guidance note on electronic funds transfers
How accountable institutions must apply the SA Reserve Bank’s directive of 2022.
What trustees should know about the amendments to the Trust Property Control Act
Among other things, trustees are obliged to keep adequate records in relation to beneficial ownership.
New regulations on reporting the movement of money to and from South Africa
Finance minister sets the threshold above which transfers must be reported to the FIC.
Verification of client’s beneficial ownership is an essential element of FIC compliance
Financial Service Providers (FSPs) play a crucial gate keeping role through which entry to financial markets can be accessed. Unfortunately, criminals are aware of this access point, and seek to exploit vulnerabilities of […]
Final opportunity to complete Directive to provide information (DPI) for 2021
The Financial Sector Conduct Authority (FSCA) is re-issuing the Directive to Provide Information 2021 (DPI) for completion and submission between 1 May 2021 and 31 May 2021. According to the FSCA, this is […]
FICA – Considerations relating to geographic areas published
The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 110 (draft PCC 110). According to the Consultation […]
