An accountable institution must register with the FIC to submit a risk and compliance return
How to submit information accurately to the Financial Intelligence Centre in respect of Directives 6 and 7.
credit providers
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
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Reminder of 31 July deadline to submit a return to the FIC
This applies to some of the persons who became accountable institutions in terms of the amendments to Schedule 1 of Fica.
Deadline for credit providers to renew their registration draws near
Like the regulator’s annual renewal registration process, the National Credit Act is filled with potential pitfalls. MBSE’s online courses help you to master the requirements of the Act.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Certain accountable institutions must complete risk and compliance returns
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
FIC publishes draft guides for new and amended accountable institutions
The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.
Tax change may increase the real cost of debt for credit providers
Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.
National Council of Provinces finalises amendments to Fica schedules
No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs
Clothing retailers, Treasury deadlocked over making all credit providers accountable institutions
As attention shifts to Parliament’s processing of the omnibus “anti-grey-listing bill”, the equally important amendments to the schedules to the Financial Intelligence Centre Act (Fica) have probably slipped from public view. However, the […]
New accountable institutions will be given time to bed down Fica compliance
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
Ombudsman sets out what consumers should know about prescription
The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant […]
Check out MBSE’s redesigned and updated National Credit Act courses
Moonstone Business School of Excellence (MBSE) has completely revamped its two popular online courses on the National Credit Act (NCA) and will add a third course. All three courses provide the practical knowledge […]
Credit Provider Registration
The article below was written by Janine Will, Senior Associate in the Commercial Department of Garlicke & Bousfield Inc, and published in Commercial Law News. The current legal requirement that only those credit […]
