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.
#FinancialActionTaskForce
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
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.
FIC urges delinquent estate agents, lawyers to comply to help SA exit the grey list
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
Prosecution challenges threaten South Africa’s exit from FATF grey list
The National Prosecuting Authority Amendment Bill will play a pivotal role in bolstering South Africa’s prosecution capabilities, says CDH’s Louis Botha.
Study looks at impact of grey-listing on stock market returns
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
FATF releases report on SA’s progress with addressing compliance deficiencies
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
