Accountable institutions must ensure they are correctly registered
Institutions that are wrongly registered as ‘business entities with a reporting obligation’ face being sanctioned by the FIC.
#FinancialIntelligenceCentre
Do fines deliver justice for victims of financial misconduct?
The FSCA’s success in collecting penalties remains uneven because of several structural and legal challenges.
FSP fined for inadequate client-screening processes
An RMCP must set out the processes for identifying, investigating, and reporting suspicious transactions, and for screening clients against the sanctions lists.
FIC calls on businesses to take their RMCP obligations seriously
The Centre, through inspections and compliance monitoring, will test an RMCP against the legislative requirements.
FICA non-compliance costs bank R10 million
Absa was fined R7m for inadequate customer due diligence and R3m for delays and closures of transaction monitoring alerts.
Under pressure: navigating the financial regulatory heat in 2025
Financial institutions that proactively embed governance, technology, and culture to meet evolving regulatory standards will not only avoid penalties but also strengthen credibility, build resilience, and drive long term value.
No exemptions: all CASPs must adopt ‘travel rule’ directive
The FSCA and the FIC remind CASPs and FSP CASPs of the compliance requirements that take effect on 30 April.
FIC demands full RCR compliance to aid exit from the grey list
The Financial Intelligence Centre issues a stern reminder to designated non-financial entities – particularly legal practitioners and estate agents – to file their overdue risk and compliance returns.
FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
FIC seeks further input on guidance for money or value transfer service providers
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Reporting Directive for cross-border transactions issued
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
AML/CFT | Strict enforcement will be the new normal
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
FIC opens consultation on updated IFTR guidelines
The Financial Intelligence Centre (FIC) has issued published Draft Directive 3A and Draft Public Compliance Communication 50A for public consultation.
FIC accepting RMCPs after the 12 March deadline
But institutions that file their RMCPs after the deadline are regarded as non-compliant and may be sanctioned.
Crucial deadline for accountable institutions supervised by the FIC
They must submit a copy of their RMCP to the Financial Intelligence Centre by 12 March.
What if your client’s beneficial owner is in a sanctioned jurisdiction?
Clients with UBOs in sanctioned areas face enhanced risk, potentially triggering relationship termination and strict regulatory measures.
FIC’s Guidance Note 7A raises the bar for compliance
The Guidance Note reflects significant amendments relating to an accountable institution’s RMCP.
