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 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 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, […]
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. […]
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 […]
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
The Financial Intelligence Centre (FIC) has published draft Public Compliance Communication no 109 (PCC 109). The objective of the communication is to provide clarity on the FIC’s position regarding the commencement and enforceability of […]
The Financial Intelligence Centre (FIC) has published draft Public Compliance Communication no 109 (PCC 109). The objective of the communication is to provide clarity on the FIC’s position regarding the commencement and enforceability of […]
Changes to international and cash transactions National Treasury recently invited public comments on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and […]
Non-compliance with FICA – Failure to implement proper processes leads to fine The Prudential Authority (PA) has imposed administrative sanctions on the Johannesburg branch of HSBC Bank for non-compliance with aspects of the […]
If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a […]
The Financial Sector Conduct Authority (FSCA) has just published a general communication to Accountable Institutions (AIs) on its supervisory approach to implementation of the Amendments to the Financial Intelligence Centre Act, 2001 (FICA). […]
At the March 2018 FSB FAIS Conference, Ms Felicity Mabaso reported back on the Supervision Department’s activities in 2017 and 2018, and provided insights into its plans for 2018/2019. FSB Theme Visits: 2017/2018 […]
FAIS Newsletter 25 from the FSB is dedicated to the Financial Intelligence Centre Act and, more specifically, to substantial changes which came into effect in June and October. The amendments are designed to […]
In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to […]
Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the […]
