“The motor vehicle dealers’ sector is a lure for criminals to hide their illicit proceeds, which poses a serious threat to South Africa’s financial system. Criminals can potentially launder large amounts of money […]
The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 110 (draft PCC 110). According to the Consultation […]
The Financial Intelligence Centre (FIC), South Africa’s national centre for the receipt of financial data, analysis and dissemination of financial intelligence to the competent authorities, will be hosting various insightful webinars in November: […]
The Financial Intelligence Centre (FIC), South Africa’s national centre for the receipt of financial data, analysis and dissemination of financial intelligence to the competent authorities, will be hosting various insightful webinars in November: […]
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 […]
Public Compliance Communication 48 (PCC 48), published by the FIC recently, now provides clarity on when a nominated beneficiary will also be regarded as a client, including when Client Due Diligence (CDD) has […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
The Financial Intelligence Centre (FIC) has issued a Revised Public Compliance Communication 05B (PCC) which provides clarity to accountable and reporting institutions on their obligations of registration with the FIC. This revised PCC […]
