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...
Anti-Money laundering and Terrorist Financing Risk Indicators for Accountants
As most of you may know, the draft sector risk assessment for accountants was released for comment on 6 November 2023. This was informed by the Financial Action Task Force’s (FATF)...
Learnings from the 2022/2023 FIC Annual Report
As you may well be aware, there have been several changes to FICA legislation within the 2022/2023 period, from cash threshold increases for reporting, Schedule 1 Accountable Institution...
The Wars between the Laws: POPIA v FICA
We often receive questions regarding the intersection between the Financial Intelligence Centre Act (FICA) and the Protection of Personal Information Act (POPIA). At first glance, their...
Guidance for Trust & Company Service Providers in terms of FICA Obligations
Schedule 1 of the Financial Intelligence Centre Act (FICA) was amended towards the end of 2022 to include Trust and Company Service Providers to the list of Accountable Institutions (AIs).
Breaking the Myths Around FICA Outsourcing
DocFox Director of Risk and Compliance, Hawken McEwan, answers some of the most commonly received questions on outsourcing FICA requirements. Can a 3rd party provider be my FICA Compliance...