Dealers of high-value goods such as art, cars, commercial vehicles, machinery and even jewellery must adhere to the Financial Intelligence Centre Act (FICA) regulations targeting financial...
Upholding Accountability: The Impending 2024 South African Elections and the Financial Intelligence Centre Act (FICA)
As South Africa gears up for the 2024 general elections, one significant aspect under the spotlight is the Financial Intelligence Centre Act (FICA) and its mandate on organisations to...
DocFox is now nCino - here is what to expect
On the 18th of March, 2024 -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, announced that they would be acquiring DocFox. nCino is a...
Draft Directive 9: Travel Rule Relating to Crypto Asset Transfers
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 - 5% of global GDP, equivalent to around $800 billion - $2 trillion, 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
In 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...