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.
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.
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 inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.