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Home / Posts tagged “#accountableinstitutions”

#accountableinstitutions

Videos

Interview with Brendan Dunn, 2026 FPI Financial Planner of the Year

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Key takeaways from the 2026 FPI Professionals Convention

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2026 FPI Convention – Day 1 Afternoon Session Highlights

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FIC provides practical guide to RMCP submissions under Directive 12

The FIC has laid out the practical steps for accountable institutions facing their first RMCP submission deadlines under Directive 12.

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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FIC issues draft guidance for dealers in precious metals and stones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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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