Infrastructure investor fined R1.7 million for FICA breaches
The FSCA identified serious lapses in Harith General Partners’ risk management, client due diligence, sanctions screening, and employee vetting.
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SARB sanctions money transfer service for FICA non-compliance
The South African Reserve Bank cites deficiencies in Access Forex’s RMCP, customer verification, and staff training.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
FIC publishes Revised Guidance Note 7A
The updated guidance gives concrete examples of compliance failures and explicitly states that poorly documented RMCPs may be treated as non-compliant.
FIC’s goAML will be offline from 8 to 14 September for upgrade
Ensure registrations and filings are finalised by 5pm on 8 September and back up all records – the old system will be retired after the upgrade.
Free FIC webinars for accountable institutions in August
The sessions will cover institutions’ regulatory reporting obligations and establishing beneficial ownership.
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.
Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
FICA compliance: FSP turns a R500k sanction into a learning curve
The owner of MIKA Finansiële Dienste shares four key takeaways after successfully remediating the deficiencies in its RMCP.
Financial institutions should prepare for ‘more demanding’ AML/CFT review
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.
SA nears grey list exit after complying with all 22 action items
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.
Expect the FSCA to call – heightened AML/CFT oversight ahead
What the Authority expects from financial services providers when it conducts Financial Intelligence Centre Act inspections.
FSP fined for inadequate client-screening processes
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
FSCA imposes R3m fine on Ninety One for FICA lapses
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
FIC calls on businesses to take their RMCP obligations seriously
The Centre, through inspections and compliance monitoring, will test an RMCP against the legislative requirements.
FICA non-compliance costs bank R10 million
Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.
FIC demands full RCR compliance to aid exit from the grey list
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.
