Several Acts have been established with the aim of identifying, reporting and prosecuting criminal activities relating to money laundering and terrorist financing in South Africa. However,...
What you need to know about the SIU’s report into the R150 million Digital Vibes Scandal
On 19 September 2021, President Cyril Ramaphosa authorised the release of the long-awaited report by the Special Investigation Unit (SIU) into the National Department of Health’s tender...
Understanding Money Laundering and Terrorist Financing
Money Laundering and Terrorist Financing are often used in the same sentence, and while there can be some similarities in terms of process, they are fundamentally distinct. Money...
A guide to identifying and reporting suspicious behaviours and transactions
“It’s not who I am underneath, but what I do that defines me.”- Bruce Wayne In the world of compliance the Financial Intelligence Centre (FIC) can be envisioned as the Batman of combating...
The most comprehensive DPIP database in South Africa
When discussing Anti-Money Laundering there has always been the concept of a Politically Exposed Person (PEP) which recognises that people in positions of power are more susceptible to...
The best FICA compliance partner for Law Firms
According to Schedule 1 of the Financial Intelligence Centre Act (FICA) law firms are classified as Accountable Institutions and so all lawyers, attorneys and law firms are subject to...
Why regulation is necessary for the crypto world
According to a Statista Global Consumer Survey, South Africa is among the top five countries in terms of cryptocurrency ownerships with 17.8% of respondents indicating they owned or used...
Why you should spend more time on adverse media
Adverse media can be defined as unfavourable information that can be found across a variety of news sources, including traditional newspapers, the internet, radio or television. ...
The cost of FICA non-compliance
The Financial Intelligence Centre Amendment Act 1 of 2017 (FICA) is worlds away from a simple add-on to your existing business procedures as it requires well thought out documented...