Latest FATF review puts South Africa under a harsher spotlight
Treasury says the country already has most of the rules it needs; the challenge now is proving that institutions are using them effectively.
FIC
MPs query whether tougher AML laws are solving the problem
Treasury adviser Ismail Momoniat warns that police corruption and unfinished financial-crime cases could weigh on SA’s FATF assessment.
Opposition MPs press FIC for answers on Phala Phala matter
The Centre said the law prevents it from confirming whether it has received, analysed, or shared information relating to specific cases or individuals.
FIC opens portal for submission of risk and compliance returns
The specified accountable institutions have until 30 June or 31 July to complete and submit their RCRs.
Are you a credit provider? Moonstone webinar explains what the RCR requires
Attend this practical session on PCC 23A, Directive 11, and the steps needed to submit a complete and defensible return.
Godongwana appoints Thabiso Thiti as new FIC director
His five-year term begins in mid-April as the government looks to sustain momentum ahead of the upcoming FATF evaluation.
FIC tightens crypto rules: ‘no data, no transfer’ standard emerges
New guidance forces CASPs to verify and transmit transaction data in real time – or halt the transfer.
FIC cannot rely on pre-2022 non-compliance in attorney sanctions, High Court finds
Penalties cannot be based on periods before the FIC assumed supervisory authority, and remediation must be fully considered when imposing sanctions.
Draft PCC outlines geographic reporting obligations for institutions
The FIC publishes draft guidance on implementing Directive 10, including how institutions must capture and submit geographic data across group structures.
FIC invites comment on proposed risk and compliance returns
The draft directive requires certain accountable institutions to submit RCR questionnaires covering information from 2023 to 2026.
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.
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.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Draft FIC directive proposes detailed location reporting
Accountable institutions will have to provide comprehensive information on the location of their operations when registering with the Financial Intelligence Centre.
FIC urges businesses to simplify compliance: ‘focus on risks, not paperwork’
Accountable institutions should adopt practical, risk-based RMCPs tailored to their operations, rather than relying on lengthy templates.
