Sanctions-screening software is no shield against non-compliance
The FIC’s new manual explains when institutions should screen clients, how they must assess possible matches, and what follows when sanctioned property is identified.
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FIC issues draft guidance for dealers in precious metals and stones
Draft PCC 126 sets out when dealers fall within FICA’s high-value goods category and explains the resulting registration and compliance obligations.
Inspections uncover recurring gaps in key compliance controls
Higher-risk institutions were found wanting on RMCPs, customer due diligence, registration requirements, and targeted financial sanctions screening.
Blocked proceeds and FIC-linked recoveries fall sharply
Demand for financial intelligence remained high as the Centre supported court proceedings, asset-recovery work, and the Madlanga Commission.
CASP growth drives new demands on FIC supervision
CASPs helped the FIC exceed its illicit-flow intelligence target, while only 176 of the 362 registered providers submitted Directive 7 returns.
SCA draws the line on access to FIC information
The Court says confidential information cannot be disclosed simply because it may be relevant to litigation, reinforcing the protections built into FICA.
FICA penalties for three financial institutions total R35.6m
The sanctions against Capitec, Ninety One Assurance, and Albaraka arose from inspections conducted between 2021 and 2023.
Three FSPs sanctioned over FICA compliance failures
The sanctions cover a range of shortcomings, from deficient RMCPs and customer checks to sanctions screening, registration, and failures to provide information.
FIC revises annual RMCP deadlines in final Directive 12
The affected institutions face October deadlines, while the consultation feedback provides guidance on how the requirement applies in practice.
Proposed beneficial owner rules bring fresh scrutiny for financial institutions
Institutions will have to identify and verify owners, assess their honesty and integrity at least every two years, and report beneficial-owner information to regulators.
Regulation of Trusts Bill: New duties and risks for trustees
The Bill would introduce annual reporting and accounting duties and establish a prudent-investor framework, while revising the beneficial-ownership obligations.
FIC finalises Guidance Note 7B after industry feedback
The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.
FIC flags filing errors as RCR deadline closes
Many institutions have left registration too late, submitted the wrong documents, or filed branch returns instead of consolidated legal entity returns.
FIC proposes annual RMCP submissions for selected institutions
The draft directive will introduce a new recurring compliance obligation, with updated programmes also having to be lodged within 10 business days of approval.
FIC clarifies geographic reporting rules in final Directive 10
The Centre has refined the directive’s scope and addressed concerns over its legal basis, administrative burden, and practical application.
FIC warns of penalties after poor RCR compliance
Less than half of the first group of accountable institutions had submitted their returns by mid-July, while submissions from the second group are low.
RCR compliance falls short as June deadline looms
The FIC says fewer than 12% of accountable institutions facing the first filing deadline had submitted their returns by the middle of this month.
