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The FIC’s ‘grace period’ for compliance has expired, so make sure your business meets all the regulatory requirements.
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 moreThe FIC’s ‘grace period’ for compliance has expired, so make sure your business meets all the regulatory requirements.
Accountable institutions should consider the latest Terror Financing National Risk Assessment when implementing their RMCPs.
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Draft Guidance Note 7A provides further guidance to accountable institutions about their Risk Management and Compliance Programme obligations.
The Financial Intelligence Centre has published its responses to the comments it received during the first round of consultations.
The sanctions follow an inspection of the Bank of China’s Johannesburg branch three years ago.
The DPI applies to all FSPs excluding FSPs that are exclusively authorised to render financial services in respect of non-life insurance and/or health service benefits.
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
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.
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
A high-value good is an actual physical item, and facilitating the trade of high-value goods does not make one a HVGD.
The agenda includes FICA compliance, the roll-out of Omni-CBRs, and managing the risks around business email compromise.
The FSCA’s inspection identified defects with the implementation of the RMCP and a failure to conduct a thorough client due diligence.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.