Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

Earn CPD points while getting up to speed on POPIA and FICA

Moonstone Business School of Excellence equips financial professionals with CPD solutions for regulatory compliance.

Financial services provider slapped with R400 000 fine for FICA violations

Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.

Last chance to register for our FICA compliance webinar

The free webinar will equip accountable institutions to follow a risk-based approach, as required by the Financial Intelligence Centre.

Book now for Moonstone’s FICA compliance webinar in October

The free webinar will equip you to follow a risk-based approach to compliance, as required by the Financial Intelligence Centre.

FIC issues guidance on assessing money laundering risk

The Financial Intelligence Centre (FIC) has issued a public compliance communication (PCC) that clarifies the requirement to determine whether a prospective client, existing client, the beneficial owner of the client and person acting […]

FIC issues guidance on assessing money laundering risk

The most common reason FSPs got into FICA trouble

The main reason the FSCA fined FSPs in terms of the Financial Intelligence Centre Act (FICA) last year was for failing to implement a risk management and compliance programme (RMCP), the Financial Intelligence […]

Sanlam and Fedgroup join list of FICA offenders – are you next?

Sanlam Life and Fedgroup Life have become the latest life insurers to be fined by the SA Reserve Bank (SARB) for not complying with the Financial Intelligence Centre Act (FICA). Earlier this year, […]

Sanlam and Fedgroup join list of FICA offenders – are you next?

Huge fines a serious warning to the industry

An FSCA press release on 8 July contains details of hefty administrative sanctions imposed on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. […]

Motor Dealers – Fines for not reporting cash transactions

The Financial Intelligence Centre Act (FIC Act) provides for the obligation to report cash transactions above a prescribed threshold in terms of section 28 of the FIC Act. This means that all cash transactions […]

Amendments to FICA – Proposals will affect FSPs and motor dealers

On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]

Amendments to FICA – Proposals will affect FSPs and motor dealers

Financial Intelligence Centre Act – Accountable institutions to comply to all the obligations

The Financial Intelligence Centre (FIC) has published draft Public Compliance Communication no 109 (PCC 109). The objective of the communication is to provide clarity on the FIC’s position regarding the commencement and enforceability of […]

Financial Intelligence Centre Act – Accountable institutions to comply to all the obligations

Proposed new FICA regulations – Changes to international and cash transactions

Changes to international and cash transactions National Treasury recently invited public comments on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and […]