Financial services provider slapped with R400 000 fine for FICA violations
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
#FinancialIntelligenceCentreAct
Financial Intelligence Centre must hand over reports on EOH, KPMG, Steinhoff, and Tongaat Hulett
The Equality Court makes an order in an application brought by six natural and juristic persons whose bank accounts were closed by Absa and FNB.
FIC urges delinquent estate agents, lawyers to comply to help SA exit the grey list
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
Directory of the FIC’s compliance communications issued in 2023
The directory contains a brief description of each document, a link to the document and, where available, links to other communication related to it.
SA Reserve Bank fines Grindrod Bank R10.73m for FICA non-compliance
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
Prosecution challenges threaten South Africa’s exit from FATF grey list
The National Prosecuting Authority Amendment Bill will play a pivotal role in bolstering South Africa’s prosecution capabilities, says CDH’s Louis Botha.
Draft guidance on how accountable institutions must comply with their financial sanctions obligations
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
Comply with Directive 7 by Friday or face the consequences, says FIC
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
FIC publishes final Guidance Note on international funds transfer reporting
The same transaction may give rise to the submission of multiple reports to the Financial Intelligence Centre.
FIC publishes draft guidance on how accountable institutions can identify beneficial ownership
The draft public compliance communication provides guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
