Those with less honourable intentions may seek the opportunity to retain control over criminally derived assets while frustrating the ability of law enforcement to trace the origin and...
FICA vs. Legal Confidentiality
More often than not in the legal profession client-attorney confidentiality is what puts clients at ease. Clients feel safe and guarded knowing that they can fully trust their chosen...
Risk-Based Approach for the Legal Profession
As mentioned in our previous post: "FICA to FICAA” an important component of the Financial Intelligence Centre Amendment Act 1 of 2017 (FICAA) is the establishment of taking a risk-based...
What Happens When a FIC Inspector Calls
Accountable and Reportable Institutions are subject to inspection to assess their level of compliance with the Financial Intelligence Centre Act (FICA). These inspections are carried out by...
The FIC 2019/2020 Report
Accountable and Reportable Institutions are required to report suspicious transactions and activities to the FIC, as well as cash transactions over R24,999 (as of 14 November 2022 the...
FIC Registrations Increase
All institutions identified as accountable (schedule 1) and reporting (schedule 3) under the Financial Intelligence Centre Act (FICA) are obligated to register their details with the...
The Future of FIC is Fusion
As criminals continue to look for more inventive ways to evade detection, the effectiveness and approach of legal and institutional frameworks will also continue to improve to identify,...
Understanding, Identifying and Working with DPEPs and FPEPs
In a recent blog we took a look at The FIC Amendment Act of 2017 (FICAA) and highlighted key concepts which changed from when the Act came into force. FICAA referred to these prominent...
Common Terms Relating to the FIC Amendment Act and What They Mean
“According to The FIC Amendment Act (FICAA), AIs must follow an RBA when managing risks related to ML and TF” We understand that getting to know and understanding the Financial Intelligence...