FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
FIC
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
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Unlicensed crypto and OTC derivative providers in FSCA’s crosshairs
The Authority warns key individuals not to associate their names with ODP operators without knowing how they are conducting their business.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
The most common reason FSPs got into FICA trouble
The main reason the FSCA fined FSPs in terms of the Financial Intelligence Centre Act (FICA) last year was for failing to implement a risk management and compliance programme (RMCP), the Financial Intelligence […]
FIC reporting failure guidelines issued
The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data […]
FIC reporting failure guidelines issued
The Financial Intelligence Centre (the Centre) has issued Public Compliance Communication 50 (PCC 50), which provides guidance and clarity on the measures a reporter must take to mitigate the loss of intelligence data […]
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 […]
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 […]
Motor dealers – Make sure you know where your client’s money is coming from
“The motor vehicle dealers’ sector is a lure for criminals to hide their illicit proceeds, which poses a serious threat to South Africa’s financial system. Criminals can potentially launder large amounts of 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 […]
FIC Webinars – Four opportunities to obtain a better understanding
The Financial Intelligence Centre (FIC), South Africa’s national centre for the receipt of financial data, analysis and dissemination of financial intelligence to the competent authorities, will be hosting various insightful webinars in November: […]
FIC Webinars – Four opportunities to obtain a better understanding
The Financial Intelligence Centre (FIC), South Africa’s national centre for the receipt of financial data, analysis and dissemination of financial intelligence to the competent authorities, will be hosting various insightful webinars in November: […]
Power outages and FIC reports – Onus on you to prove you were powerless
Recent load shedding schedules and power outages have a huge impact on businesses. In a recent Notice, the Financial Intelligence Centre (FIC) notified financial institutions that, where institutions have a requirement to submit […]
PCC 48 – FIC provides clarity on Client Due Diligence
Public Compliance Communication 48 (PCC 48), published by the FIC recently, now provides clarity on when a nominated beneficiary will also be regarded as a client, including when Client Due Diligence (CDD) has […]
PCC 46 – Guidance on the commencement and enforcement of the FIC Amendment Act
Last week, the Financial Intelligence Centre published Public Compliance Communication 46 (PCC 46), the result of all comments considered as submitted on draft PCC 109. PCC 46 now confirms the fact that all the […]
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 […]
