FIC finalises Guidance Note 7B after industry feedback
The final Guidance Note makes targeted changes, but the regulator’s feedback discloses how it weighed industry concerns and refined key aspects of the guidance.
#RiskManagementandComplianceProgramme
FIC proposes annual RMCP submissions for selected institutions
The draft directive will introduce a new recurring compliance obligation, with updated programmes also having to be lodged within 10 business days of approval.
Is your leadership team equipped to oversee FICA compliance?
Moonstone Compliance’s executive training gives decision-makers the knowledge to manage regulatory risk, exercise effective oversight, and strengthen governance.
SARB fines Southeast Exchange R600 000 for FICA failures
An inspection by the South African Reserve Bank uncovered shortcomings in a foreign exchange dealer’s anti-money laundering compliance framework.
FSCA highlights common CASP compliance failures
The regulator reports steady progress in licensing while sharing lessons from its AML inspections of authorised providers.
FIC consults on targeted additions to Guidance Note 7A framework
The consultation focuses on four insertions dealing with proliferation financing, client risk categorisation, and the operation of systems and controls.
Six key themes from the FSCA’s FICA compliance inspections
Moonstone Compliance’s analysis identifies recurring shortcomings that FSPs should fix to avoid enforcement action.
Draft PCC 122 clarifies FICA obligations for special purpose vehicles
SPVs designated as accountable institutions must comply with FICA in full, including independent registration and adherence to RMCP and reporting requirements.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
FIC urges businesses to simplify compliance: ‘focus on risks, not paperwork’
Accountable institutions should adopt practical, risk-based RMCPs tailored to their operations, rather than relying on lengthy templates.
FICA compliance webinars for crypto firms
The FSCA has uploaded recordings of its five-part webinar series aimed at helping CASPs meet their FICA obligations.
Ii-FSPs ezigwetyelwe ukusilela kwe-FICA – zohlwaywe zonke imali engange-R700 000
I-FSCA ifumanise ukuba zombini iifemu azinabuchule bokulawula umngcipheko, kubandakanywa ii-RMCPs ezinqongopheleyo, inkuthalo ephantsi yabathengi, kunye nokusilela ukuhlola ngokuchasene noluhlu lwezohlwayo.
PA fines Discovery Bank R3m for FICA compliance failures
A 2021 inspection found late submission of suspicious activity reports, inadequate staff training, delayed monitoring responses, and shortcomings in the bank’s RMCP.
Infrastructure investor fined R1.7 million for FICA breaches
The FSCA identified serious lapses in Harith General Partners’ risk management, client due diligence, sanctions screening, and employee vetting.
SARB sanctions money transfer service for FICA non-compliance
The South African Reserve Bank cites deficiencies in Access Forex’s RMCP, customer verification, and staff training.
FSPs sanctioned for FICA failures – fines totalling R700 000
The FSCA found both firms lacked effective risk management capabilities, including deficient RMCPs, poor customer due diligence, and failures to screen against the sanctions lists.
FIC publishes Revised Guidance Note 7A
The updated guidance gives concrete examples of compliance failures and explicitly states that poorly documented RMCPs may be treated as non-compliant.
