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The use of automated transaction monitoring systems – FIC provides guidance

All accountable institutions, reporting institutions and relevant persons (collectively referred to as a “reporter”) has an obligation to monitor, detect and report suspicious or unusual activities and transactions in terms of section 29 of the Financial Intelligence Centre Act. This obligation extends to all products and services that are rendered by the reporter and requires […]

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Automated Transaction Monitoring System – FIC provides clarity on timeframes

In a recent LegalBrief post Pam Saxby of Legalbrief Policy Watch shares that the Financial Intelligence Centre (FIC) requires comment on the latest draft (PCC 107) public compliance communication – regarding the use of an automated transaction monitoring system to detect potentially ‘suspicious and unusual activities’. According to Saxby, the document’s purpose is to provide […]

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