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Tag Archives | FIC

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Power outages and FIC reports – Onus on you to prove you were powerless

Recent load shedding schedules and power outages have a huge impact on businesses. In a recent Notice, the Financial Intelligence Centre (FIC) notified financial institutions that, where institutions have a requirement to submit regulatory reports to the FIC during the periods when there are power outages, the FIC will take into consideration the situation at […]

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llawes

PCC 46 – Guidance on the commencement and enforcement of the FIC Amendment Act

Last week, the Financial Intelligence Centre published Public Compliance Communication 46 (PCC 46), the result of all comments considered as submitted on draft PCC 109. PCC 46 now confirms the fact that all the obligations as brought about by the FIC Amendment Act are effective and enforceable. It furthermore confirms that the Prudential Authority and FSCA […]

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Lawssssss

The use of automated transaction monitoring systems – FIC provides guidance

All accountable institutions, reporting institutions and relevant persons (collectively referred to as a “reporter”) has an obligation to monitor, detect and report suspicious or unusual activities and transactions in terms of section 29 of the Financial Intelligence Centre Act. This obligation extends to all products and services that are rendered by the reporter and requires […]

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invest

Application of targeted financial sanction regimes – FIC provides guidance

The Financial Intelligence Centre (FIC) has published Public Compliance Communication 44 (PCC 44) which applies to accountable institutions (AI), reportable institutions (RI) and all other relevant persons. PCC 44 aims to provide guidance on the application of the targeted financial sanctions regime within South Africa. The South African targeted financial sanctions regime is implemented through the provisions […]

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Document

On-boarding of a client – FIC draft customer due diligence and risk assessment

The Financial Intelligence Centres recently published Draft Public Compliance Communication 108 (PCC 108) with the objective to provide clarity on certain practical application issues relating to the on-boarding of a client in terms of Chapter 3 of the FIC Act. The draft PCC 108 clearly states that each potential client of an accountable institution (AI) should be risk-rated […]

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paperss

Customer due diligence – FIC clarifies who is responsible for what, and when

The Financial Intelligence Centre (FIC) has just published Public Compliance Communication No 43 (PCC43). The objective of the communication is to provide accountable institutions (AI) with the FIC’s view on compliance with their customer due diligence obligation in terms of Part 1, Chapter 3 of the FIC Act, where the accountable institution requests assistance from another accountable institution […]

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Finance-02

Suspicious and unusual transactions reporting – FIC releases updated guidance note

After a successful consultation process, the Financial Intelligence Centre has updated its guidance on suspicious and unusual transaction reporting, which relates to section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). Guidance Note 4B (GN4B), informs accountable and reporting institutions, and any other person as described in the FIC Act on meeting […]

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CPD

FIC Amendment Act Readiness Test

The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and 2 October respectively. If you are an accountable institution, and did not receive this document, we suggest you contact the FIC to make […]

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Malusi Gigaba

Minister signs FIC Amendments

On 15 June 2017, the Minister of Finance announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). There are two important dates for affected parties to note: 13 June 2017 The first set of provisions commenced on this date. These provisions do not require […]

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