Minister of Finance raises Fica cash reporting threshold
Period within which cash transactions must be reported is also extended
A High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Read morePeriod within which cash transactions must be reported is also extended
FIC makes recommendations on the adoption of a risk-based approach to mitigate the risk of proliferation financing.
If South Africa does escape being grey-listed next year, it will be by the skin of our teeth. Time is not on the country’s side when one considers the work that must be […]
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
The country has failed to deal with corruption and state capture, Xolisile Khanyile tells newspaper.
But blocked 66% less as suspected proceeds of crime in 2021/22.
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
A number of government departments, and law enforcement and prosecution agencies are piloting an initiative which they say will make it more cost effective, faster and easier to investigate and recover assets acquired […]
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]
Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]
National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]