
FIC provides practical guide to RMCP submissions under Directive 12
The FIC has laid out the practical steps for accountable institutions facing their first RMCP submission deadlines under Directive 12.

The FIC has laid out the practical steps for accountable institutions facing their first RMCP submission deadlines under Directive 12.

The FIC’s new manual explains when institutions should screen clients, how they must assess possible matches, and what follows when sanctioned property is identified.

Draft PCC 126 sets out when dealers fall within FICA’s high-value goods category and explains the resulting registration and compliance obligations.

Higher-risk institutions were found wanting on RMCPs, customer due diligence, registration requirements, and targeted financial sanctions screening.

Demand for financial intelligence remained high as the Centre supported court proceedings, asset-recovery work, and the Madlanga Commission.

CASPs helped the FIC exceed its illicit-flow intelligence target, while only 176 of the 362 registered providers submitted Directive 7 returns.

The Court says confidential information cannot be disclosed simply because it may be relevant to litigation, reinforcing the protections built into FICA.

The wording of several provisions has been refined, but procurement-related drafting and the response to concerns raised by the NPO sector remain outstanding.

A caller posing as an Absa official persuaded the company’s financial manager to approve electronic links while unauthorised transactions were processed.

The former finance minister says South Africa’s challenge is not a shortage of regulation, but ensuring institutions have the people, skills, and capacity to implement it effectively.

The affected institutions face October deadlines, while the consultation feedback provides guidance on how the requirement applies in practice.

Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.

Its submission to Parliament highlights concerns about lifestyle audits, information sharing, beneficial ownership, and administrative fines.

Early industry reaction focuses the implications for stablecoin payments and self-custody wallets, and the compliance burden.

The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.

Many institutions have left registration too late, submitted the wrong documents, or filed branch returns instead of consolidated legal entity returns.

The draft directive will introduce a new recurring compliance obligation, with updated programmes also having to be lodged within 10 business days of approval.