SARB sanctions money transfer service for FICA non-compliance
The South African Reserve Bank cites deficiencies in Access Forex’s RMCP, customer verification, and staff training.
FICA
Sanlam Collective Investments hit with R10.6m FIC Act penalty
Despite the FSCA’s findings of RMCP gaps, SCI confirms that client funds remain secure and no money laundering or terrorist financing was detected.
Expanding access to compliance training: MBSE launches FICA CPD course in isiXhosa
MBSE’s first CPD course in isiXhosa makes compliance training more accessible with translated material, subtitles, and assessments.
Slow RCR submissions highlight gaps in anti-money laundering compliance
While submissions of the mandatory Risk and Compliance Return improved over the past year, 30% of institutions targeted by the FIC’s directives had not complied by March 2025
Financial intelligence reports drive R144m in crime recoveries
Requests for reports from the FIC rose by 17% in 2024/25, reflecting the FATF’s pressure on South Africa to strengthen its anti-money laundering efforts.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
Self-Comply gets smarter: tailored compliance for your small business
Moonstone’s enhanced Self-Comply Service gives small FSPs and sole proprietors even stronger compliance support, including dedicated consultants, customised plans, and proactive monitoring.
‘Appropriate’ and ‘adequate’ – two words that will shape SA’s next FATF review
New criteria require closer supervisory scrutiny of DNFBPs on market entry, ongoing oversight, and high-quality suspicious-transaction reporting.
FSPs brace for tougher scrutiny as risk-based AML compliance takes centre stage
As South Africa prepares for a tougher FATF evaluation, FSPs must master risk-based compliance – balancing security, cost, and strong partnerships to target real threats and protect legitimate customers.
FIC publishes Revised Guidance Note 7A
The updated guidance gives concrete examples of compliance failures and explicitly states that poorly documented RMCPs may be treated as non-compliant.
FIC’s goAML will be offline from 8 to 14 September for upgrade
Ensure registrations and filings are finalised by 5pm on 8 September and back up all records – the old system will be retired after the upgrade.
Staying ahead of regulatory change: why ongoing training is non-negotiable
As regulatory enforcement escalates, MBSE’s specialised FICA, POPIA and NCA short courses provide financial professionals with the most practical way to stay compliant, avoid costly penalties, and build lasting client trust.
Free FIC webinars for accountable institutions in August
The sessions will cover institutions’ regulatory reporting obligations and establishing beneficial ownership.
Accountable institutions must ensure they are correctly registered
Institutions that are wrongly registered as ‘business entities with a reporting obligation’ face being sanctioned by the FIC.
FSCA gears up for tougher enforcement as scams and misconduct rise
From funeral policy breaches to crypto non-compliance and weak AML measures, the regulator’s latest report outlines its key priorities – with online harm topping the list.
FSPs’ ‘growing vigilance’ sees debarments rise by over 40%
The FSCA records a marked increase in new investigations in 2024/25, particularly those related to unregistered insurance business.
Prudential Authority sanctions three banks for FICA breaches
HBZ was fined an effective R7.5m, Citibank’s fine was fully suspended, and Bank of Taiwan was reprimanded.
