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.
#greylisting
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
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’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.
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’.
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.
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.
Average living annuity drawdown rate falls in 2022
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
New tax clearance process for emigration and remittance of funds abroad
‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’
SA at risk of becoming a failed state if the economy isn’t turned around soon’
Incoming Nedbank chairperson says ‘we are already on borrowed time’.
Grey-listing: what you can expect when transacting with foreign institutions
An outbound money transfer may now take much longer than a week or two.
Santam alerts advisers to email interception cyber scam
Provides guidelines on how to avoid being caught out.
Treasury ‘needs to adjust’ Budget predictions following SA’s grey-listing
Grey-listing reduces a country’s GDP growth by between 0.5% and 1.5%, says economist Iraj Abedian.
Collective investment scheme assets once again exceed R3 trillion
It’s too soon to tell how grey-listing will affect the industry, says Asisa.
