The Financial Intelligence Centre (FIC) recently issued a Draft Directive 9 that will require Accountable Institutions that engage in crypto asset transfers for or on behalf of their...
The Significance of FICA Compliance: Why it Matters to All of Us
With a staggering 2% to 5% of global GDP, equivalent to around R20 billion in South African terms, being laundered annually, the imperative for robust anti-money laundering and counter...
The Reality of Financial Crime in South Africa: Where do we stand and what can we do?
The greylisting of South Africa (SA) in 2023 by the Financial Action Task Force (FATF) was a wake up call to many who may not have realised the prevalence of financial crime in the country....
9 Important FICA Facts about High-Value Goods Dealers
On 29 November 2022 the Government Gazette published changes to Schedules 1, 2 and 3 of the Financial Intelligence Centre Act (FICA). The changes increased the number of institutions and...
Why do Accountable Institutions require such detailed information for FICA compliance?
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...
SA’s Greylisting - A Year in, the Long Road to Redemption
February 2024 marks a year since South Africa (SA) was placed on the greylist by the Financial Action Task Force (FATF). We take a look at the progress made in addressing the deficiencies...
Guidance on the Implementation of Targeted Financial Sanctions in South Africa
At the end of 2023 the Financial Intelligence Centre (FIC) released a Public Compliance Communication (PCC) 44A that provides guidance to Accountable Institutions (AI’s) regarding their...
2023 Round-Up: A Summary of Greylisting, New FICA Directives & Amendments
2023 has been a year filled with changes to the FIC Act, updates within the financial crime and compliance landscape, and many more. However, it all came down to the “G” word, otherwise...
Why is it Important to do Continuous Client Screening?
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...