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.
#FinancialIntelligenceCentre
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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
Accountable institutions urged to note heightened terror-financing risk in SA
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FIC report on how accountable institutions can identify money mule activity
The Centre’s analysis found the extensive use of shell companies to host and conceal fraudulent funds.
Third opportunity to comment on revised RMCP guidelines
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
Second round of consultations on beneficial ownership guidance
The Financial Intelligence Centre has published its responses to the comments it received during the first round of consultations.
SARB sanctions global bank for FICA non-compliance
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
South Africa eyes stricter reporting laws for cross-border cash movements
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
Updated risk assessments for estate agents and legal practitioners
The Financial Intelligence Centre has revised the reports first issued in March 2022.
Only days left to book for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
FIC issues guidance on what is ‘a high-value goods dealer’
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
Bookings are open for Moonstone’s 2024 Regulatory Update Webinar
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
Unlicensed crypto and OTC derivative providers in FSCA’s crosshairs
The Authority warns key individuals not to associate their names with ODP operators without knowing how they are conducting their business.
Authority fines another FSP for FICA non-compliance
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
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’.
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.
FIC publishes new guidance on financial sanctions compliance
Accountable institutions are required to scrutinise client information against the targeted financial sanctions lists to identify designated persons and entities linked to clients.
