
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
The bank’s Financial Stability Review also flags the growing financial distress among households and SMMEs and the vulnerabilities in the commercial real estate sector.
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
The National Prosecuting Authority Amendment Bill will play a pivotal role in bolstering South Africa’s prosecution capabilities, says CDH’s Louis Botha.
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.