Sasfin fined R160m for ‘non-compliance’ by discontinued forex business
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
FICA
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NCA Credit providers’ FICA obligations
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Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Recording of Moonstone Compliance’s FICA webinar is available
Moonstone Compliance offers a range of services in respect of FICA and anti-money laundering compliance aimed at accountable institutions.
Moonstone Compliance’s FICA webinar is fully booked
Please send us an email if you want to access a recording of the webinar.
SARB sanctions life insurer for FICA non-compliance
The effective fine of R7 million and other sanctions follow an inspection conducted four years ago.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Pensioner claims cryptocurrency trader could have stopped fraud
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Earn CPD points while getting up to speed on POPIA and FICA
Moonstone Business School of Excellence equips financial professionals with CPD solutions for regulatory compliance.
Financial services provider slapped with R400 000 fine for FICA violations
Implementing – not merely creating – a Risk Management and Compliance Programme is crucial to ensure compliance with the Act.
Last chance to register for our FICA compliance webinar
The free webinar will equip accountable institutions to follow a risk-based approach, as required by the Financial Intelligence Centre.
Book now for Moonstone’s FICA compliance webinar in October
The free webinar will equip you to follow a risk-based approach to compliance, as required by the Financial Intelligence Centre.
FIC issues guidance on assessing money laundering risk
The Financial Intelligence Centre (FIC) has issued a public compliance communication (PCC) that clarifies the requirement to determine whether a prospective client, existing client, the beneficial owner of the client and person acting […]
FIC issues guidance on assessing money laundering risk
The Financial Intelligence Centre (FIC) has issued a public compliance communication (PCC) that clarifies the requirement to determine whether a prospective client, existing client, the beneficial owner of the client and person acting […]
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 […]
Sanlam and Fedgroup join list of FICA offenders – are you next?
Sanlam Life and Fedgroup Life have become the latest life insurers to be fined by the SA Reserve Bank (SARB) for not complying with the Financial Intelligence Centre Act (FICA). Earlier this year, […]
Sanlam and Fedgroup join list of FICA offenders – are you next?
Sanlam Life and Fedgroup Life have become the latest life insurers to be fined by the SA Reserve Bank (SARB) for not complying with the Financial Intelligence Centre Act (FICA). Earlier this year, […]
Huge fines a serious warning to the industry
An FSCA press release on 8 July contains details of hefty administrative sanctions imposed on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. […]
Motor Dealers – Fines for not reporting cash transactions
The Financial Intelligence Centre Act (FIC Act) provides for the obligation to report cash transactions above a prescribed threshold in terms of section 28 of the FIC Act. This means that all cash transactions […]
