Seven-year R5.5m fraud exposes dangers of unchecked payment controls
Businesses should regularly review user permissions and payment approvals to reduce opportunities for financial misconduct.
#financialcrime
Connected data is strengthening the fight against tax evasion
Advanced data matching is helping SARS to identify businesses and individuals whose tax affairs do not align with their activities.
More credit consumers turn to ombud – and more are getting results
The NFO’s Credit Division recorded a 58% jump in complaints during 2025, while recoveries for consumers more than tripled and favourable outcomes outpaced every other division.
Banking complaints surge as fraudsters follow customers online
Complaints to the banking ombud jumped 25% in 2025, with phishing, account takeovers, and unauthorised transactions leading the way.
BHI Trust fallout widens as FSCA bans intermediary for 20 years
The FSCA’s latest action highlights the regulatory risks for individuals who may have been linked to the BHI Trust scheme.
SARS warns rogue staff: resigning won’t save you
SARS has frozen the assets of former officials, signalling that employees who betray the institution will be held accountable – even after they leave.
FIC tightens crypto rules: ‘no data, no transfer’ standard emerges
New guidance forces CASPs to verify and transmit transaction data in real time – or halt the transfer.
South Africa ranks second in Africa’s Organised Crime Index 2025
The Index flags Africa as a testing ground for ransomware and DDoS attacks. High incident volumes and ‘ransomware-as-a-service’ models raise insurance, compliance, and continuity costs for businesses.
ESC Micro-Credentials: build skills that matter in today’s workplace
ESC’s online Micro-Credentials give professionals hands-on skills in cybersecurity, AI, DEI, and more, helping them respond to real-world challenges.
Slow RCR submissions highlight gaps in anti-money laundering compliance
While submissions of the mandatory Risk and Compliance Return improved over the past year, 30% of institutions targeted by the FIC’s directives had not complied by March 2025
Financial intelligence reports drive R144m in crime recoveries
Requests for reports from the FIC rose by 17% in 2024/25, reflecting the FATF’s pressure on South Africa to strengthen its anti-money laundering efforts.
FSCA urges whole-of-market push to combat soaring digital fraud
The Authority signs an agreement with SABRIC and the Southern African Fraud Prevention Service to enable a faster system-wide response to scams.
‘Appropriate’ and ‘adequate’ – two words that will shape SA’s next FATF review
New criteria require closer supervisory scrutiny of DNFBPs on market entry, ongoing oversight, and high-quality suspicious-transaction reporting.
FSPs brace for tougher scrutiny as risk-based AML compliance takes centre stage
As South Africa prepares for a tougher FATF evaluation, FSPs must master risk-based compliance – balancing security, cost, and strong partnerships to target real threats and protect legitimate customers.
Fraud’s global toll rivals national economies, report finds
Financial fraud drained $485.6 billion from the global economy in 2023 – an amount so large, it would place fraud among the world’s top 35 economies if it were a country.
Financial institutions should prepare for ‘more demanding’ AML/CFT review
The FATF’s mutual evaluation in April 2027 will drill down into how well AML/CFT measures work in practice rather than just ticking technical boxes.
SA nears grey list exit after complying with all 22 action items
South Africa now awaits an on-site visit by the FATF Africa Joint Group – paving the way for an anticipated exit from the grey list at the October plenary.
