Tag Archives | FICA


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 aggregation in terms of section 28 of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). According to National Treasury, the proposed […]

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Non-compliance with FICA

Non-compliance with FICA – Failure to implement proper processes leads to fine The Prudential Authority (PA) has imposed administrative sanctions on the Johannesburg branch of HSBC Bank for non-compliance with aspects of the Financial Intelligence Centre Act. In a statement, the SA Reserve Bank said that the administrative sanctions were imposed because certain weaknesses were […]

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FICA Update June 2018

If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a US$530 million fine over money-laundering breaches. “While not deliberate, we fully appreciate the seriousness of the mistakes we made,” said CBA chief […]

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Regulatory Focus on FICA

The Financial Sector Conduct Authority (FSCA) has just published a general communication to Accountable Institutions (AIs) on its supervisory approach to implementation of the Amendments to the Financial Intelligence Centre Act, 2001 (FICA). This publication confirms the FSCA’s commitment to assist Accountable Institutions with implementation of the required systems, procedures and controls envisaged in the […]

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Supervision Department Feedback and Focus

At the March 2018 FSB FAIS Conference, Ms Felicity Mabaso reported back on the Supervision Department’s activities in 2017 and 2018, and provided insights into its plans for 2018/2019. FSB Theme Visits: 2017/2018 One of the three main focus areas was small FSPs without a compliance officer. The visits were more of an educational Intervention, […]

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FICA Update

FAIS Newsletter 25 from the FSB is dedicated to the Financial Intelligence Centre Act and, more specifically, to substantial changes which came into effect in June and October. The amendments are designed to bring South Africa’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislative framework in line with Standards set out by the Financial […]

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Moonstone Regulatory Update Workshops 2017

In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to announce that we will hosting another round of our very popular regulatory update workshops during September 2017. As our regular attendees have come […]

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Short-term Insurance and FICA

Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the proceeds of crime, combating money laundering (ML) and the financing of terrorism (TF). To this end, it uses information submitted by business, […]

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Important FICA Reminder for Motor Dealers

Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be reported to the Financial Intelligence Centre on each occasion. S 28(b) of the FIC Act, 2001 provides that a reporting institution must, […]

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FAIS Ombud

Fica Bill challenged in ConCourt?

Friday’s edition of Legalbrief Today contained an excerpt from an article in the Mercury on continued resistance to the Financial Intelligence Centre Amendment (Fica) Bill becoming law. Those against it threatened to take it to the Constitutional Court if it is approved by Parliament this week. The Black Business Council and the Progressive Professionals Forum […]

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