At the end of 2022 we published an article to communicate the new categories made in Schedule 1 to the FICA, which is the schedule listing all Accountable Institutions (AIs), and which are...
Recent Important FICA Amendments you Should be Aware of
The past few months have seen a wide variety of important amendments occurring within the Anti-Money Laundering and Combating Terrorism Financing (AML/CFT) space as part of South Africa’s...
The New Categories in FIC Act Schedule 1
It is official, the Minister of Finance, has amended schedules to the Financial Intelligence Centre Act.
Learnings From The 2021/2022 Fic Annual Report
The Financial Intelligence Centre recently issued its 2021/2022 Annual Report and we thought it prudent and useful to detail the important considerations, facts, highlights and learnings...
7 Reasons Why You Should Automate Your FICA Process
There is no doubt that software and digital solutions have forever changed how businesses manage their regulatory compliance. The concept of digital transformation and Regulatory Technology...
How to FICA a Deceased Estate
One of the questions we frequently get asked is “How to FICA a Deceased Estate”. Below we will explore what a Deceased/Late Estate (Estate) is and what Customer Due Diligence (CDD)...
Cash Reporting Threshold increase and other Changes to FICA Rules
The Financial Intelligence Centre (FIC) recently issued a media release regarding amendments to the Financial Intelligence Centre Act (FICA), particularly with regard to Cash Threshold...
Slaying the FICA Misconceptions in the Real Estate Sector
As per the Financial Intelligence Centre Amendment Act 1 of 2017 (FICAA) Estate Agents are included in the classification of Schedule 1 Accountable Institutions and therefore are required...
Important Requirements Of The FIC Amendment Act
In our recent article we took a look at The 7 key requirements that need to be met in order to be FICA compliant. Within these 7 key requirements there are several procedures and checks...