DocFox hosted a webinar on 29 March where Hawken McEwan, Director of Risk and Compliance at DocFox discussed what “greylisting” is, its effects, and how by addressing its deficiencies,...
5 Examples of KYC According to the FIC Act
As an Accountable Institution, one of the key compliance obligations in terms of the Financial Intelligence Centre Act, as amended (FICA), is to perform Customer Due Diligence (CDD) on...
Prevent Your Business from Being Involved in a Money Laundering Scheme
Money laundering refers to the passing of illicit , or ‘dirty’ money, through a sequence of transfers, changes or commercial transactions that eventually returns the ‘clean’ money to the...
The FATF Greylists South Africa - What Does This Mean?
“Greylisting” is all the buzz at the moment, but how did we get here and more importantly how do we get out?
Do Rental Agents Need to FICA Tenants and Landlords?
A question that we often get asked is whether or not rental agents need to FICA their rental clients. The answer is yes you do! As per the FIC Act, Estate Agents and Property Practitioners...
How South Africa is Legally Tackling Potential Greylisting
We recently posted an article on the potential effects of South Africa being “greylisted”, focused primarily on what this means, why this is happening and why it is important. This...
The Potential Effects of South Africa being “grey listed”
With South Africa facing possible “grey listing” by the Financial Action Task Force (FATF), as a result of its mutual evaluation report of October 2021 and its 40 recommendations aimed at...
New Politically Exposed and Prominent Influential Persons Acronyms in Terms of the FIC Act
The past few months have seen a wide variety of important amendments occurring within the Anti-Money Laundering and Combating Terrorism Financing (AML/CFT) space as part of South Africa’s...
New Accountable Institutions in Terms of the FIC Act
At the end of 2022 we published an article to communicate the new categories made in Schedule 1 to the FICA, which is the schedule listing all Accountable Institutions (AIs), and which are...