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.
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The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions […]
The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of […]
The Financial Intelligence Centre (FIC) has called for comments on draft public compliance communications that clarify the interplay between the Financial Intelligence Centre Act (Fica) and the Protection of Personal Information Act (Popia) […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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) […]
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 […]
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 […]
South Africa is expected to take remedial steps within 18 months to address the “significant weaknesses” in parts of the country’s system to combat money laundering and the financing of terrorism and weapons […]
Sanlam Life and Fedgroup Life have become the latest life insurers to be fined by the SA Reserve Bank (SARB) for not complying with the Financial Intelligence Centre Act (FICA). Earlier this year, […]
