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Tag Archives | Financial Intelligence Centre Act

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Fica verification: can accountable institutions ask for too much information?

The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence Centre Act (Fica). We discuss the case in detail below, asking: Is there a danger in an accountable institution asking for more […]

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Inadequate money laundering risk management exposes businesses to criminal exploitation

Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force (FATF) assessment of South Africa’s system for anti-money laundering, countering the financing of terrorism and countering the financing of the proliferation of […]

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FSCA, Ravensberg reach settlement on fine for Fica contraventions

The FSCA and Ravensberg Advisory and Consulting Services have reached an agreement in terms of which 65% of the penalty the Authority imposed on the Cape Town-based tax, advisory and consulting company will be suspended for three years. According to a media release, the FSCA fined Ravensberg R780 000 in February for contravening the following sections […]

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MPs insist on due process for Fica amendments aimed at avoiding grey-listing

Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the Financial Action Task Force’s grey list. Grey-listing will have dire consequences for the country’s financial system and will create difficulties for businesses […]

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FIC continues to clamp down on motor dealerships

The Financial Intelligence Centre (FIC) continues to clamp down on motor vehicle dealers that don’t comply with the Financial Intelligence Centre Act. Earlier this month, the FIC imposed fines of almost R5 million on seven motor dealerships, and this week the centre announced it has sanctioned two more dealerships: Atlantis Motors (Pty) Ltd was fined […]

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risk-assessment

FIC releases risk reports for Krugerrand dealers, estate agents and lawyers

The Financial Intelligence Centre (FIC) has issued three reports aimed at equipping Krugerrand dealers, estate agents and lawyers to understand and identify the potential money laundering and terrorism-financing risks they face. The FIC said the reports provide indicators of some of the methods criminals may use to exploit the vulnerabilities in these sectors. They also […]

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fine

FIC fines Krugerrand, motor dealers more than R12 million

The Financial Intelligence Centre (FIC) this month imposed administrative sanctions against a Krugerrand dealer and seven motor vehicle dealerships for non-compliance with the Financial Intelligence Centre Act. The FIC said the imposition of an administrative sanction does not imply that an institution has facilitated money laundering or terrorism funding transactions. The FIC fined Randburg Coin […]

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appeal

Appeal Board upholds R1m fine on truck dealership for Fica non-compliance

The Appeal Board of the Financial Intelligence Centre (FIC) has upheld the effective penalty of R1 065 924 imposed on Gauteng-based Truck World for failing to report transactions exceeding the cash threshold of R24 999.99. An inspection by the FIC in July 2019 found that Truck World had failed to register timeously with the Centre and had […]

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Exchange control restrictions ease, but regulatory net tightens around crypto

The government intends introducing several amendments to legislation that will affect exchange control in general and crypto assets in particular. The 2022 Budget Review set out the following proposals that will ease the exchange control restrictions for individuals: Permitting, subject to the single discretionary allowance and/or foreign capital allowance, the export of dual-listed securities to […]

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