Pensioner claims cryptocurrency trader could have stopped fraud
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
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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.
Only days left to book for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
FIC issues guidance on what is ‘a high-value goods dealer’
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
Bookings are open for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
FIC issues sanction notices to non-compliant law firms and estate agents
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
FSCA fines asset manager R16m for FICA non-compliance
The reasons for the sanction are virtually identical to those that saw the Authority fine an FSP earlier in February.
FIC to host another free webinar on how to complete risk and compliance returns
The relevant accountable institutions must submit the RCRs to avoid additional scrutiny or administrative sanctions.
FIC webinars on reporting unusual and suspicious transactions
There is a webinar for legal practitioners, trust and company service providers, estate agents, and high-value goods dealers.
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.
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.
