FIC highlights money laundering risks in the accountancy sector
The aim of the draft risk assessment is to help accountants understand the sector’s money laundering and terrorism financing vulnerabilities.
Money laundering
Sasfin fires employees implicated in money-laundering investigation
The South African Reserve Bank intends to impose sanctions for alleged contraventions of FICA, the Exchange Control Regulations, and the Banks Act.
Global crime index reveals ‘significant expansion’ of financial crimes
South Africa has the seventh-highest criminality score in the world and the third-highest in Africa, according to the Global Organized Crime Index.
FSCA confirms withdrawal of Salt Asset Management’s licence
The Authority conducted an inspection on the company last year following allegations of its potential involvement in money-laundering activities.
‘Unparalleled’ co-operation is needed to exit FATF grey-list
The Commissioner of the FSCA shares his thoughts on South Africa’s battle against money laundering and the road to regaining international trust.
How crypto asset service providers must comply with Fica
The Financial Intelligence Centre publishes an authoritative guidance document.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Treasury gives the FIC a R265m boost to fight financial crime
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
FIC provides case studies, red flags to help you detect money laundering
Any business that fails to report ‘suspicious and unusual transactions’ faces harsh penalties.
Monday briefing: a round-up of recent financial services news
Bank staff allegedly helped gold smugglers | FIC gets forensic unit | Ramaphosa on exiting the grey list | OUTsurance boosts stake in Youi
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
PA proposes additional due diligence for life insurance beneficiaries
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
Low-risk businesses cannot be excluded from the list of accountable institutions, says FIC
Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]
Call for accountable institution amendments to exclude life insurers that provide risk policies
Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]
FIC publishes draft directive on employee screening
The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions […]
FIC releases risk reports for Krugerrand dealers, estate agents and lawyers
The Financial Intelligence Centre (FIC) has issued three reports aimed at equipping Krugerrand dealers, estate agents and lawyers to understand and identify the potential money laundering and terrorism-financing risks they face. The FIC […]
Clock is ticking for SA to avert something ‘worse than junk status’
There will be dire consequences for the economy if South Africa’s measures to combat money laundering and terrorism financing are not brought up to international standards this year, the Financial Intelligence Centre (FIC) […]
