
Accountable institutions must ensure they are correctly registered
Institutions that are wrongly registered as ‘business entities with a reporting obligation’ face being sanctioned by the FIC.
Institutions that are wrongly registered as ‘business entities with a reporting obligation’ face being sanctioned by the FIC.
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
The owner of MIKA Finansiële Dienste shares four key takeaways after successfully remediating the deficiencies in its RMCP.
The FATF’s mutual evaluation in April 2027 will drill down into how well AML/CFT measures work in practice rather than just ticking technical boxes.
South Africa now awaits an on-site visit by the FATF Africa Joint Group – paving the way for an anticipated exit from the grey list at the October plenary.
What the Authority expects from financial services providers when it conducts Financial Intelligence Centre Act inspections.
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
The Centre, through inspections and compliance monitoring, will test an RMCP against the legislative requirements.
Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.
The Financial Intelligence Centre issues a stern reminder to designated non-financial entities – particularly legal practitioners and estate agents – to file their overdue risk and compliance returns.
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
The Financial Intelligence Centre (FIC) has issued published Draft Directive 3A and Draft Public Compliance Communication 50A for public consultation.
But institutions that file their RMCPs after the deadline are regarded as non-compliant and may be sanctioned.
They must submit a copy of their RMCP to the Financial Intelligence Centre by 12 March.
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