FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
Financial Intelligence Centre
EXPLAINER: How did South Africa end up on the grey list?
What you should know about the Financial Action Task Force, its evaluation of South Africa, and how grey-listing works.
What’s ‘new’ in the PA’s directive relating to Fica and life insurance beneficiaries?
Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.
Time is running out for new accountable institutions to register with the FIC
The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.
Latest Fica amendments: 5 key takeaways for accountable institutions
New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.
FIC to host free webinar on money laundering and terrorism financing risks
The workshop will focus on identifying, monitoring, mitigating and managing risks.
New regulations on reporting the movement of money to and from South Africa
Finance minister sets the threshold above which transfers must be reported to the FIC.
FIC publishes draft guides for new and amended accountable institutions
The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.
How accountable institutions should meet their Fica obligations in the context of Popia
An accountable institution should ask only for personal information that is necessary to achieve the purposes of Fica.
Will your business be an accountable institution from 19 December?
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
FIC proposes annual risk and compliance return for some accountable institutions
It will apply to estate agents, attorneys and trust practitioners, among others.
FIC sets out how Schedule 1 applies to property practitioners
Anyone registered as an estate agent before February 2022 will remain an accountable institution.
National Council of Provinces finalises amendments to Fica schedules
No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs
Fisa makes urgent submission to Parliament on ‘beneficial ownership’ relating to trusts
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.
Minister of Finance raises Fica cash reporting threshold
Period within which cash transactions must be reported is also extended
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.
Time is against South Africa to avoid grey-listing
If South Africa does escape being grey-listed next year, it will be by the skin of our teeth. Time is not on the country’s side when one considers the work that must be […]
