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.
#customerduediligence
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.
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.
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.
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.
Sanlam Collective Investments hit with R10.6m FIC Act penalty
Despite the FSCA’s findings of RMCP gaps, SCI confirms that client funds remain secure and no money laundering or terrorist financing was detected.
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.
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.
FSCA imposes R3m fine on Ninety One for FICA lapses
An inspection identified inadequate implementation of the RMCP and deficient customer due diligence processes.
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.
Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
FSCA fines two financial firms R1.2 million for FICA compliance failures
Risk management failings, inadequate customer due diligence, and lack of senior management oversight are key lessons for the industry.
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
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.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
