FIC issues draft guidance for dealers in precious metals and stones
Draft PCC 126 sets out when dealers fall within FICA’s high-value goods category and explains the resulting registration and compliance obligations.
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Inspections uncover recurring gaps in key compliance controls
Higher-risk institutions were found wanting on RMCPs, customer due diligence, registration requirements, and targeted financial sanctions screening.
Blocked proceeds and FIC-linked recoveries fall sharply
Demand for financial intelligence remained high as the Centre supported court proceedings, asset-recovery work, and the Madlanga Commission.
CASP growth drives new demands on FIC supervision
CASPs helped the FIC exceed its illicit-flow intelligence target, while only 176 of the 362 registered providers submitted Directive 7 returns.
SCA draws the line on access to FIC information
The Court says confidential information cannot be disclosed simply because it may be relevant to litigation, reinforcing the protections built into FICA.
AML Bill: Committee completes clause-by-clause deliberations
The wording of several provisions has been refined, but procurement-related drafting and the response to concerns raised by the NPO sector remain outstanding.
Company recovers R21.55m stolen in bogus bank fraud call
A caller posing as an Absa official persuaded the company’s financial manager to approve electronic links while unauthorised transactions were processed.
Trevor Manuel: Good regulation is only as strong as its enforcement
The former finance minister says South Africa’s challenge is not a shortage of regulation, but ensuring institutions have the people, skills, and capacity to implement it effectively.
FIC revises annual RMCP deadlines in final Directive 12
The affected institutions face October deadlines, while the consultation feedback provides guidance on how the requirement applies in practice.
Treasury holds largely firm on AML Bill after public submissions
Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.
Law Society calls for safeguards as AML Bill expands regulatory powers
Its submission to Parliament highlights concerns about lifestyle audits, information sharing, beneficial ownership, and administrative fines.
Draft manual sets out proposed cross-border crypto regime
Early industry reaction focuses the implications for stablecoin payments and self-custody wallets, and the compliance burden.
FIC finalises Guidance Note 7B after industry feedback
The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.
FIC flags filing errors as RCR deadline closes
Many institutions have left registration too late, submitted the wrong documents, or filed branch returns instead of consolidated legal entity returns.
FIC proposes annual RMCP submissions for selected institutions
The draft directive will introduce a new recurring compliance obligation, with updated programmes also having to be lodged within 10 business days of approval.
FIC clarifies geographic reporting rules in final Directive 10
The Centre has refined the directive’s scope and addressed concerns over its legal basis, administrative burden, and practical application.
FIC warns of penalties after poor RCR compliance
Less than half of the first group of accountable institutions had submitted their returns by mid-July, while submissions from the second group are low.
