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.
#accountableinstitutions
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.
FIC finalises guidance on how to complete the 2026 RCR
PCC 60 largely preserves the draft framework but clarifies how newly registered firms must report and confirms that third parties may not submit returns.
FICA cross-border cash provisions take effect on 1 July
A proclamation brings into operation a set of dormant provisions that link cross-border cash reporting to criminal penalties and forfeiture powers.
FIC consults on targeted additions to Guidance Note 7A framework
The consultation focuses on four insertions dealing with proliferation financing, client risk categorisation, and the operation of systems and controls.
FIC opens portal for submission of risk and compliance returns
The specified accountable institutions have until 30 June or 31 July to complete and submit their RCRs.
Are you a credit provider? Moonstone webinar explains what the RCR requires
Attend this practical session on PCC 23A, Directive 11, and the steps needed to submit a complete and defensible return.
FIC cannot rely on pre-2022 non-compliance in attorney sanctions, High Court finds
Penalties cannot be based on periods before the FIC assumed supervisory authority, and remediation must be fully considered when imposing sanctions.
Draft PCC outlines geographic reporting obligations for institutions
The FIC publishes draft guidance on implementing Directive 10, including how institutions must capture and submit geographic data across group structures.
FIC invites comment on proposed risk and compliance returns
The draft directive requires certain accountable institutions to submit RCR questionnaires covering information from 2023 to 2026.
Six key themes from the FSCA’s FICA compliance inspections
Moonstone Compliance’s analysis identifies recurring shortcomings that FSPs should fix to avoid enforcement action.
FIC publishes draft communication on travel rule compliance for CASPs
The draft PCC reinforces zero-threshold travel rule application, mandatory real-time monitoring, enhanced controls for unhosted wallets, and strict freezing obligations.
Draft PCC 122 clarifies FICA obligations for special purpose vehicles
SPVs designated as accountable institutions must comply with FICA in full, including independent registration and adherence to RMCP and reporting requirements.
Draft FIC directive proposes detailed location reporting
Accountable institutions will have to provide comprehensive information on the location of their operations when registering with the Financial Intelligence Centre.
FIC urges businesses to simplify compliance: ‘focus on risks, not paperwork’
Accountable institutions should adopt practical, risk-based RMCPs tailored to their operations, rather than relying on lengthy templates.
FICA compliance webinars for crypto firms
The FSCA has uploaded recordings of its five-part webinar series aimed at helping CASPs meet their FICA obligations.
Ii-FSPs ezigwetyelwe ukusilela kwe-FICA – zohlwaywe zonke imali engange-R700 000
I-FSCA ifumanise ukuba zombini iifemu azinabuchule bokulawula umngcipheko, kubandakanywa ii-RMCPs ezinqongopheleyo, inkuthalo ephantsi yabathengi, kunye nokusilela ukuhlola ngokuchasene noluhlu lwezohlwayo.
