FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
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FIC seeks further input on guidance for money or value transfer service providers
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Reporting Directive for cross-border transactions issued
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
FIC opens consultation on updated IFTR guidelines
The Financial Intelligence Centre (FIC) has issued published Draft Directive 3A and Draft Public Compliance Communication 50A for public consultation.
FIC accepting RMCPs after the 12 March deadline
But institutions that file their RMCPs after the deadline are regarded as non-compliant and may be sanctioned.
Crucial deadline for accountable institutions supervised by the FIC
They must submit a copy of their RMCP to the Financial Intelligence Centre by 12 March.
What if your client’s beneficial owner is in a sanctioned jurisdiction?
Clients with UBOs in sanctioned areas face enhanced risk, potentially triggering relationship termination and strict regulatory measures.
FIC’s Guidance Note 7A raises the bar for compliance
The Guidance Note reflects significant amendments relating to an accountable institution’s RMCP.
SA won’t get off the grey list in June – Treasury now aiming for October
South Africa is yet to demonstrate ‘sustained effectiveness’ in investigating and prosecuting serious money laundering and terrorist financing activities
FIC publishes revised RMCP guidelines
Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
SA issues first terrorism-related freezing order under amended law
The FIC has directed financial institutions to freeze the designated assets and comply with reporting requirements under FICA.
Last chance to book for webinar on FICA compliance in the agricultural sector
If you’re in the agricultural sector and deal in high-value goods, you may be subject to FICA. Moonstone Compliance’s free webinar will unpack what compliance entails.
Prudential Authority fines major bank R13m for FICA non-compliance
Standard Bank’s compliance failures include the untimely submission of suspicious activity reports and neglecting system alerts.
Incidental credit providers excluded from FICA registration
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
FIC cracks down on RCR defaulters: R10 000 fine today, bigger sanctions tomorrow
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
Shareholder ties don’t lessen FICA compliance obligations
The Appeal Board dismisses an FSP’s argument that its close ties with its sole shareholder reduced the need for comprehensive due diligence.
R7.7m fine stands as FIC Appeal Board rules against law firm
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
