Sanctions-screening software is no shield against non-compliance
The FIC’s new manual explains when institutions should screen clients, how they must assess possible matches, and what follows when sanctioned property is identified.
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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.
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.
Accountable institutions urged to note heightened terror-financing risk in SA
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
FIC extends deadlines to comment on two draft guidance communications
These are the PCCs relating to beneficial ownership and the targeted financial sanctions obligations.
Draft guidance on how accountable institutions must comply with their financial sanctions obligations
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
