Guidance for accountable institutions on the risks of financing weapons of mass destruction
FIC makes recommendations on the adoption of a risk-based approach to mitigate the risk of proliferation financing.
Financial Intelligence Centre Act
Videos
Watch: MBSE launches RE training for FAIS representatives
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
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
Clothing retailers, Treasury deadlocked over making all credit providers accountable institutions
As attention shifts to Parliament’s processing of the omnibus “anti-grey-listing bill”, the equally important amendments to the schedules to the Financial Intelligence Centre Act (Fica) have probably slipped from public view. However, the […]
FIC helped to recover 51% more in proceeds from crime
But blocked 66% less as suspected proceeds of crime in 2021/22.
PA proposes additional due diligence for life insurance beneficiaries
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
FSCA clarifies notification of Fica sanctions
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
Treasury publishes omnibus anti-money laundering bill
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
New accountable institutions will be given time to bed down Fica compliance
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
FSCA publishes notices issued to FSPs for Fica non-compliance
Last week, the FSCA informed subscribers to its communications that it has published, on its website, the notices of administrative sanctions that it issued to 11 FSPs for non-compliance with the Financial Intelligence […]
Overkill on the road to better regulation?
Chris Rea, the English rock and blues singer, has a different perspective on what the road to Hades comprises in his ode to the infamous ring road around London: She said, “Son, what […]
Omnibus bill to beef up SA’s anti-money laundering measures
Minister of Finance Enoch Godongwana has published an explanatory summary of a bill that will amend five Acts of Parliament as the government moves to beef up the country’s anti-money laundering and counter […]
Low-risk businesses cannot be excluded from the list of accountable institutions, says FIC
Only areas of business where there was no risk of money laundering could be excluded from the ambit of the Financial Intelligence Centre Act (Fica), whereas even low-risk businesses should be accountable institutions, […]
Call for accountable institution amendments to exclude life insurers that provide risk policies
Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]
Momoniat: We don’t know who dropped the ball with state capture transactions
National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]
Nedbank: Fica non-compliance was due to delays in promulgating amendments
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]
FIC publishes draft directive on employee screening
The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions […]
Fica amendment proposed to take account of Property Practitioners Act
The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of […]
FIC publishes draft communications on data privacy and anti-terrorism financing
The Financial Intelligence Centre (FIC) has called for comments on draft public compliance communications that clarify the interplay between the Financial Intelligence Centre Act (Fica) and the Protection of Personal Information Act (Popia) […]
