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.
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.
South Africa is yet to demonstrate ‘sustained effectiveness’ in investigating and prosecuting serious money laundering and terrorist financing activities
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’
Incoming Nedbank chairperson says ‘we are already on borrowed time’.
An outbound money transfer may now take much longer than a week or two.
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