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...
What is a FICA Compliance Officer?
In terms of the Financial Intelligence Centre Act (“FICA”), one of the key requirements includes and forms the backbone of the legislation, is for Accountable Institutions (“AIs”) to...
What you Need to Know About the FIC Directive 6 & 7: Risk & Compliance Returns
Directive 6 & Directive 7 serve to inform certain Accountable Institutions that they must submit information regarding their understanding of money laundering (ML), terrorist financing (TF)...
What is Required for the FIC Directive 8: Screening Employees
The purpose of Directive 8 is to require Accountable Institutions to screen prospective employees and current employees for competence and integrity, as well as to scrutinise employee...
Webinar Summary: Navigating the Path to FATF Delisting - What you Need to Know
DocFox hosted a webinar on 29 March where Hawken McEwan, Director of Risk and Compliance at DocFox discussed what “greylisting” is, its effects, and how by addressing its deficiencies,...
5 Examples of KYC According to the FIC Act
As an Accountable Institution, one of the key compliance obligations in terms of the Financial Intelligence Centre Act, as amended (FICA), is to perform Customer Due Diligence (CDD) on...
Prevent Your Business from Being Involved in a Money Laundering Scheme
Money laundering refers to the passing of illicit , or ‘dirty’ money, through a sequence of transfers, changes or commercial transactions that eventually returns the ‘clean’ money to the...
The FATF Greylists South Africa - What Does This Mean?
“Greylisting” is all the buzz at the moment, but how did we get here and more importantly how do we get out?