FIC publishes revised RMCP guidelines
Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
#FinancialIntelligenceCentre
SA issues first terrorism-related freezing order under amended law
The FIC has directed financial institutions to freeze the designated assets and comply with reporting requirements under FICA.
Victims of ‘investment’ scam to receive share of recovered funds
Victims of the Ant Ranch scheme will receive a share of the R475 000 held in terms of a preservation order. However, the money may not go far in reimbursing their losses.
Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
Godongwana defends the banks’ right to close accounts
Financial institutions will participate in evaluating improvements to Conduct Standard 3 of 2020, aligning these efforts with the COFI Bill.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
FIC cracks down on RCR defaulters: R10 000 fine today, bigger sanctions tomorrow
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
FIC report on how to identify and avoid holiday scams
The report highlights patterns, red flags, and practical steps to avoid holiday rental and travel scams.
FSCA slaps R2.2 million in fines on FSPs for FICA violations
The FSCA highlights the role of RMCPs in safeguarding financial institutions and the financial system after compliance breaches by two FSPs.
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
FIC tightens crypto asset compliance with ‘travel rule’ directive
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
Uncloaking the mysteries of financial sector penalties
The huge penalties imposed by the FSCA and the Prudential Authority raise questions about the clarity and consistency of the factors influencing these fines.
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
Should all tokens be equal in the crypto market?
As the regulatory framework develops, many questions remain – particularly around whether all tokens, from fungible coins to unique NFTs, will be regulated the same way.
