R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
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Accountable institutions given final deadline for DPI
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
FIC to launch inspections on CASPs amid growing regulatory scrutiny
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
Small FSP that was fined R1.1m shares four lessons in FICA compliance
The owner of MIKA Finansiele Dienste emphasises that waiting for an audit before getting your house in order can have costly consequences.
Moonstone Compliance’s beneficial ownership webinar is fully booked
Please send us an email if you want to access the recording of the webinar.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
FIC publishes finalised guidance on beneficial ownership
Public Compliance Communication 59 has been issued following two rounds of public consultation.
Businesses that don’t submit RCRs face ‘targeted’ inspections or fines
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
Moonstone Compliance’s FICA webinar is fully booked
Please send us an email if you want to access a recording of the webinar.
Accountable institutions urged to note heightened terror-financing risk in SA
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
Certain FSPs and CIS managers must provide information about FICA compliance
The DPI applies to all FSPs excluding FSPs that are exclusively authorised to render financial services in respect of non-life insurance and/or health service benefits.
FIC issues sanction notices to non-compliant law firms and estate agents
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
