FIC opens consultation on updated IFTR guidelines
The Financial Intelligence Centre (FIC) has issued published Draft Directive 3A and Draft Public Compliance Communication 50A for public consultation.
FIC
FIC accepting RMCPs after the 12 March deadline
But institutions that file their RMCPs after the deadline are regarded as non-compliant and may be sanctioned.
Crucial deadline for accountable institutions supervised by the FIC
They must submit a copy of their RMCP to the Financial Intelligence Centre by 12 March.
SA issues first terrorism-related freezing order under amended law
The FIC has directed financial institutions to freeze the designated assets and comply with reporting requirements under FICA.
Victims of ‘investment’ scam to receive share of recovered funds
Victims of the Ant Ranch scheme will receive a share of the R475 000 held in terms of a preservation order. However, the money may not go far in reimbursing their losses.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
FIC cracks down on RCR defaulters: R10 000 fine today, bigger sanctions tomorrow
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
FIC report on how to identify and avoid holiday scams
The report highlights patterns, red flags, and practical steps to avoid holiday rental and travel scams.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
Should all tokens be equal in the crypto market?
As the regulatory framework develops, many questions remain – particularly around whether all tokens, from fungible coins to unique NFTs, will be regulated the same way.
FIC to launch inspections on CASPs amid growing regulatory scrutiny
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
FIC cracks down on non-compliant accountable institutions
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
FIC’s 2023/24 annual report: the battle against financial crime
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
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