FIC highlights money laundering risks in the accountancy sector
The aim of the draft risk assessment is to help accountants understand the sector’s money laundering and terrorism financing vulnerabilities.
Financial Intelligence Centre Act
Sasfin fires employees implicated in money-laundering investigation
The South African Reserve Bank intends to impose sanctions for alleged contraventions of FICA, the Exchange Control Regulations, and the Banks Act.
FIC issues guide on the definition of a ‘legal practitioner’
Public Compliance Communication 47A also provides examples of money laundering and terrorist financing risk indicators for legal practitioners.
FIC publishes new guide on how to register with the Centre
Public Compliance Communication 5D updates the content of PCC 5C to take account of the changes to Schedules 1 and 3 to FICA.
Accountable institutions face being fined for not submitting their risk and compliance returns
The Financial Intelligence Centre sets a deadline for the many entities that have not complied with Directive 6.
An accountable institution must register with the FIC to submit a risk and compliance return
How to submit information accurately to the Financial Intelligence Centre in respect of Directives 6 and 7.
Draft amendments on information-sharing between accountable institutions published
Information-sharing must be done in accordance with FICA and POPIA and governed by a written agreement.
Non-financial businesses ‘a key priority area’ for Financial Intelligence Centre
The FIC’s intelligence reports contributed to the recovery of more than R5.8bn in criminal proceeds in 2022/23.
Former bank employee’s ‘good intentions’ not enough to avoid debarment
The Financial Services Tribunal hears another case involving a representative who ‘completed’ proof of address letter on clients’ behalf.
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.
FSCA confirms withdrawal of Salt Asset Management’s licence
The Authority conducted an inspection on the company last year following allegations of its potential involvement in money-laundering activities.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
FIC issues ‘final demand’ to accountable institutions to comply with Directive 6
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
Harsher consequences for not filing cross-border EFT reports with FIC
Two sections of the Financial Intelligence Centre Amendment Act have come into effect.
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
Tribunal rejects debarred FNB representative’s ‘prevailing practice’ defence
No evidence that staff were instructed to verify prospective clients’ addresses using blank letters provided by the municipality, FST finds.
