It is “that time” of the year again, during the 2023/24 financial year, the Financial Intelligence Centre (FIC) delivered on the eight strategic action items, outlined in its annual report,...
From 25% to 5%: South Africa’s New Ultimate Beneficial Ownership (UBO) Guidance Explained
In the ongoing battle against financial crime, South Africa has taken a significant step forward. The Financial Intelligence Centre (FIC) has recently issued new guidance on Ultimate...
A Guide on How to Prepare for a FIC Inspection
Notice of a FIC inspection often happens with very little warning. Our expert compliance team has assisted many businesses with guidance regarding inspections and so we have used this...
FICA FAQ Guide for High-Value Goods Dealers
As a High-Value Goods Dealer (HVGD), do you have questions about the Financial Intelligence Centre Act (FICA) and the requirements you have to meet? We’ve compiled a FICA FAQ guide to...
Digging Deeper: Changes to Ultimate Beneficial Ownership (UBO) Guidance
Certain types of legal entities, such as companies, trusts, and partnerships, can be particularly susceptible to misuse by criminals due to their structure or inherent characteristics....
Uniting Against Financial Crime in South Africa: A Call for Collaborative Action
Allowing financial criminals to operate in our economy will have severe repercussions. From corroding business integrity and investor confidence to fuelling broader corruption, violence,...
South Africa Faces ‘Perfect Storm’ of Financial Crime, Ready to ‘Fight Back’
Only by prioritising a concerted crackdown that brings all stakeholders together can the country arrest the spread of financial criminality.
Buying a snazzy watch or car? This is how FICA rules will impact the deal
Dealers of high-value goods such as art, cars, commercial vehicles, machinery and even jewellery must adhere to the Financial Intelligence Centre Act (FICA) regulations targeting financial...
Upholding Accountability: The Impending 2024 South African Elections and the Financial Intelligence Centre Act (FICA)
As South Africa gears up for the 2024 general elections, one significant aspect under the spotlight is the Financial Intelligence Centre Act (FICA) and its mandate on organisations to...