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Tag Archives | Money laundering

employee-screening

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 lists, to combat money laundering, terrorist financing and proliferation financing (ML/TF/PF). Draft Directive 6/2022 is supported by draft Public Compliance Communication 116, […]

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risk-assessment

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 said the reports provide indicators of some of the methods criminals may use to exploit the vulnerabilities in these sectors. They also […]

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AML

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) and National Treasury told Parliament’s Standing Committee on Finance this week. The FIC and Treasury briefed the committee on the Financial Action […]

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Money laundering

FIC issues guidance on assessing money laundering risk

The Financial Intelligence Centre (FIC) has issued a public compliance communication (PCC) that clarifies the requirement to determine whether a prospective client, existing client, the beneficial owner of the client and person acting on behalf of the client is a domestic prominent influential person (DPIP) or foreign prominent public official (FPPO), or whether the client […]

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SA told to beef up anti-money laundering measures

SA told to beef up anti-money laundering measures

South Africa is expected to take remedial steps within 18 months to address the “significant weaknesses” in parts of the country’s system to combat money laundering and the financing of terrorism and weapons of mass destruction, National Treasury said in a statement. This follows the release of the Financial Action Task Force’s third Mutual Evaluation […]

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FIC-risks-geographical-areas-money-laundering

FIC guidance on risks related to geographical areas

The Financial Intelligence Centre (FIC) has issued Public Compliance Communication 49 (PCC 49) that provides guidance on certain money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risk considerations and provides suggested resources that may be consulted in determining the ML/TF/PF risk related to geographic areas. Last year, Draft PCC 110 was made available […]

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Transfer-Money

FICA – Considerations relating to geographic areas published

The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 110 (draft PCC 110). According to the Consultation Note, the Draft PCC 110 aims to provide guidance on furthering the understanding and application of a risk-based approach (RBA) for the […]

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