FIC maps the money laundering, terror financing risks facing SA’s crypto sector
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
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AML/CFT | Strict enforcement will be the new normal
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
SA’s path beyond the grey list: key challenges and opportunities ahead
While South Africa is on track to exit the grey list by October, National Treasury emphasises the importance of long-term improvements and continuous progress in financial regulation.
SA won’t get off the grey list in June – Treasury now aiming for October
South Africa is yet to demonstrate ‘sustained effectiveness’ in investigating and prosecuting serious money laundering and terrorist financing activities
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
FIC cracks down on RCR defaulters: R10 000 fine today, bigger sanctions tomorrow
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
SARB warns of the risks if SA fails to exit the grey list by June 2025
The bank’s Financial Stability Review also flags the growing financial distress among households and SMMEs and the vulnerabilities in the commercial real estate sector.
SA racing against February deadline if it wants to exit grey list by mid-2025
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
FIC cracks down on non-compliant accountable institutions
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
FIC’s 2023/24 annual report: the battle against financial crime
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Businesses that don’t submit RCRs face ‘targeted’ inspections or fines
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
Exiting the grey list before June 2025 is unlikely, says Treasury
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
FIC issues sanction notices to non-compliant law firms and estate agents
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
More prosecutions essential to getting off grey list, says Treasury’s Momoniat
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
FIC invites comments on its draft risk assessment report for crypto asset service providers
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
Treasury: tough challenge to tick off all the items on FATF’s Action Plan
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
Is South Africa on track to getting off the grey list?
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
