Monday briefing: a round-up of recent financial services news
FSCA’s risk-based approach | Medical scheme in liquidation | CIPC to collect beneficial ownership info | SA ties with Russia ‘a risk’
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.
Read moreFSCA’s risk-based approach | Medical scheme in liquidation | CIPC to collect beneficial ownership info | SA ties with Russia ‘a risk’
Treasury expects grey-listing will have ‘a limited impact’ on financial stability and the costs of doing business with South Africa.
Accountable institutions are expected to fulfil their compliance obligations
What you should know about the Financial Action Task Force, its evaluation of South Africa, and how grey-listing works.
Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.
The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.
New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.
The workshop will focus on identifying, monitoring, mitigating and managing risks.
Finance minister sets the threshold above which transfers must be reported to the FIC.
The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.
An accountable institution should ask only for personal information that is necessary to achieve the purposes of Fica.
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
It will apply to estate agents, attorneys and trust practitioners, among others.
Anyone registered as an estate agent before February 2022 will remain an accountable institution.
No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.