The Financial Intelligence Centre (FIC) has recently published a Report regarding the inherent money laundering and terrorist financing risks encountered by South Africa’s motor vehicle...
The 7 key requirements that need to be met in order to be FICA compliant
The Financial Intelligence Centre Act (FICA) was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities by making it more difficult...
The practical elements of managing sanctions
Sanctions: What to expect next? The invasion of Ukraine is changing the world order and the pressure to resolve the conflict is growing and will continue to do so as sanctions against...
Sanction screening shouldn’t be your only action in a risk-based approach
On March 7, 2022 , the Financial Crimes Enforcement Network (FinCEN) issued a warning around potential sanctions evasion attempts by Russia and Belarus, once again highlighting the need...
Everything You Need to Know About Ultimate Beneficial Owners [Part 3]
The aim of this three-part series is to connect the dots between the what, why and how of identifying Ultimate Beneficial Owners (UBO’s). So far we have taken a closer look at what UBO’s...
Understanding the importance of DPIPs and the role they play in the FIC Act
"Former Mayor of Nketoane Municipality and accomplices sentenced for fraud." "Asset Forfeiture Unit attaches former Nelson Mandela Bay ANC regional secretary house." "Home affairs officials...
The Importance of FICA Training
According to section 43 of the Financial Intelligence Centre Amendment Act (FICAA), Accountable Institutions must provide ongoing training relating to anti-money laundering (AML) and the...
Everything You Need to Know About Ultimate Beneficial Owners [Part 2]
In part one of our series, we had a look at what Ultimate Beneficial Owners (UBO’s) are and why they matter. This included discussing why The FIC Amendment Act requires Accountable...
Everything You Need to Know About Ultimate Beneficial Owners [Part 1]
Not sure about the what, why and how of identifying Ultimate Beneficial Owners (UBO’s)? In this three-part series, we will dig a little deeper into questions like, what are UBO’s and why...