14 appear in court over alleged R3.99m VAT refund fraud
The case forms part of Project Jan Vas, a wider investigation into an alleged organised criminal network targeting the tax system across several provinces.
#financialcrime
FIC provides practical guide to RMCP submissions under Directive 12
The FIC has laid out the practical steps for accountable institutions facing their first RMCP submission deadlines under Directive 12.
Your client’s email is hacked. You make the payment. Who pays?
Practical steps for FSPs and their clients to spot, verify, and prevent fraud before a compromised email becomes a costly payment.
How scammers turn your trust against you
Social engineering is driving digital banking losses as criminals use convincing impersonation, urgency, and technology to manipulate customers into giving them access to their money.
Madlanga Commission: Why fixing policing matters to business
The inquiry’s revelations about organised crime and weak enforcement have implications for AML effectiveness, investment, and the recovery of criminal proceeds.
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.
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.
