HSBC and Bidvest hit with fines for FICA non-compliance
The fines on both banks run into millions of rands, but most of the penalties are conditionally suspended.
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FIC cracks down on non-compliant accountable institutions
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
FIC’s 2023/24 annual report: the battle against financial crime
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Old Mutual fined almost R16 million for FICA violations
The Prudential Authority discovered the non-compliance during a routine inspection conducted four years ago.
Moonstone Compliance’s beneficial ownership webinar is fully booked
Please send us an email if you want to access the recording of the webinar.
Legal practitioners reminded to comply with the Financial Intelligence Centre Act
The Financial Intelligence Centre sets out legal practitioners’ obligations under the FIC Act.
FIC publishes finalised guidance on beneficial ownership
Public Compliance Communication 59 has been issued following two rounds of public consultation.
SARB sanctions insurers and bank for FICA breaches
The non-compliance was discovered during inspections by the Prudential Authority in 2020 and 2022.
Businesses that don’t submit RCRs face ‘targeted’ inspections or fines
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
Accountable institutions urged to note heightened terror-financing risk in SA
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
Second round of consultations on beneficial ownership guidance
The Financial Intelligence Centre has published its responses to the comments it received during the first round of consultations.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
South Africa eyes stricter reporting laws for cross-border cash movements
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
Updated risk assessments for estate agents and legal practitioners
The Financial Intelligence Centre has revised the reports first issued in March 2022.
