HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
FICA
Small FSP that was fined R1.1m shares four lessons in FICA compliance
The owner of MIKA Finansiele Dienste emphasises that waiting for an audit before getting your house in order can have costly consequences.
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.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
Moonstone Compliance’s beneficial ownership webinar is fully booked
Please send us an email if you want to access the recording of the webinar.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
FIC publishes finalised guidance on beneficial ownership
Public Compliance Communication 59 has been issued following two rounds of public consultation.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
Sasfin fined R160m for ‘non-compliance’ by discontinued forex business
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
Recording of Moonstone Compliance’s FICA webinar is available
Moonstone Compliance offers a range of services in respect of FICA and anti-money laundering compliance aimed at accountable institutions.
Moonstone Compliance’s FICA webinar is fully booked
Please send us an email if you want to access a recording of the webinar.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Pensioner claims cryptocurrency trader could have stopped fraud
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
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.
