Tag Archives | Accountable Institutions


Fica verification: can accountable institutions ask for too much information?

The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence Centre Act (Fica). We discuss the case in detail below, asking: Is there a danger in an accountable institution asking for more […]

Continue Reading

Inadequate money laundering risk management exposes businesses to criminal exploitation

Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force (FATF) assessment of South Africa’s system for anti-money laundering, countering the financing of terrorism and countering the financing of the proliferation of […]

Continue Reading

MPs insist on due process for Fica amendments aimed at avoiding grey-listing

Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the Financial Action Task Force’s grey list. Grey-listing will have dire consequences for the country’s financial system and will create difficulties for businesses […]

Continue Reading

Attorneys, FSPs and estate agents ‘most likely to be on the FIC’s radar’

Attorneys and estate agents are among the least likely to implement preventative measures to reduce money laundering and terrorist financing risks, according to the Financial Action Task Force’s Mutual Evaluation Report of South Africa in October 2021. The report also noted that while the larger banks file the best-quality reports in terms of transaction reports, […]

Continue Reading

Huge fines a serious warning to the industry

An FSCA press release on 8 July contains details of hefty administrative sanctions imposed  on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. What is important to note is the closing sentence: “With these sanctions the FSCA wants to send a strong message to all […]

Continue Reading
SA Corona Virus Online Portal Logo