We are often asked if continuous screening is required by the Financial Intelligence Centre Act (FICA) or if it is just additional work? To answer this question and add clarity we have...
Anti-Money laundering and Terrorist Financing Risk Indicators for Accountants
As most of you may know, the draft sector risk assessment for accountants was released for comment on 6 November 2023. This was informed by the Financial Action Task Force’s (FATF)...
Learnings from the 2022/2023 FIC Annual Report
As you may well be aware, there have been several changes to FICA legislation within the 2022/2023 period, from cash threshold increases for reporting, Schedule 1 Accountable Institution...
The Wars between the Laws: POPIA v FICA
We often receive questions regarding the intersection between the Financial Intelligence Centre Act (FICA) and the Protection of Personal Information Act (POPIA). At first glance, their...
Guidance for Trust & Company Service Providers in terms of FICA Obligations
Schedule 1 of the Financial Intelligence Centre Act (FICA) was amended towards the end of 2022 to include Trust and Company Service Providers to the list of Accountable Institutions (AIs).
Breaking the Myths Around FICA Outsourcing
DocFox Director of Risk and Compliance, Hawken McEwan, answers some of the most commonly received questions on outsourcing FICA requirements. Can a 3rd party provider be my FICA Compliance...
FICA Q&A Guide for Property Practitioners
We have partnered with several property institutions, partners, and practitioners and found that within the property sector, there is still a significant amount of uncertainty and...
Motor Vehicle Dealers are now Accountable Institutions and are required to FULLY comply with FICA
Previously, Motor Vehicle Dealers (MVDs) were listed as Reporting Institutions in the Financial Intelligence Centre Act (FICA). The FIC changed gears with their December 2022 FICA Schedule...
The Beneficial Ownership Register: What You Need to Know
In keeping with addressing deficiencies outlined by the FATF and its consequential grey listing of South Africa, the CIPC has been mandated in terms of the General Laws Amendment Act, the...