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Tag Archives | Financial Intelligence Centre

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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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fine-stamp-07

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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anti-money-laundering

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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compliance

Attorneys, FSPs and estate agents ‘most likely to be on the FIC’s radar’

Attorneys and estate agents are among the least likely to implement preventative measures to reduce money laundering and terrorist financing risks, according to the Financial Action Task Force’s Mutual Evaluation Report of South Africa in October 2021. The report also noted that while the larger banks file the best-quality reports in terms of transaction reports, […]

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car-showroom

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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AML

Clock is ticking for SA to avert something ‘worse than junk status’

There will be dire consequences for the economy if South Africa’s measures to combat money laundering and terrorism financing are not brought up to international standards this year, the Financial Intelligence Centre (FIC) and National Treasury told Parliament’s Standing Committee on Finance this week. The FIC and Treasury briefed the committee on the Financial Action […]

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Money laundering

FIC issues guidance on assessing money laundering risk

The Financial Intelligence Centre (FIC) has issued a public compliance communication (PCC) that clarifies the requirement to determine whether a prospective client, existing client, the beneficial owner of the client and person acting on behalf of the client is a domestic prominent influential person (DPIP) or foreign prominent public official (FPPO), or whether the client […]

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