The Financial Intelligence Centre Amendment Act 1 of 2017 (FICA) is worlds away from a simple add-on to your existing business procedures as it requires well thought out documented...
Legal Practice Council Warns Members of Non-Compliance
On the 17th of June 2021 the Legal Practice Council (LPC) issued an advisory to all legal practitioners in South Africa. The advisory detailed a report they had received from the Financial...
FICA Handbook For Accountable Institutions
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...
What is a Risk-Based Assessment?
Every Accountable Institution faces some degree of money laundering risks. Therefore, it has become more and more crucial for Accountable Institutions to be proactive in defining what...
Geographic Risk: Not Everything is Black and Grey
As an Accountable Institution, it is important to have a heightened awareness of what raises alarm bells or suspicion of money laundering and/or other financial crimes. Many factors come...
What is FICA and Why Should you Care About it?
The world is full of acronyms, but if you are an Accountable Institution then FICA is one you need to become accustomed to. While you may have heard about it, do you know what it is, and...
What Documents do I Need to Perform Due Diligence in line with the FICAA?
A frequently asked question among Accountable Institutions (AIs) is “What documents should I be requesting in order to adequately perform FICA for certain clients or situations”. As the...
The Anti-Money Laundering Toolkit Every Estate Agent Needs To Read
Illicit funds acquired through predicate crimes need to be cleaned before they can be enjoyed without raising suspicion. As we all know criminals have come up with many elaborate ways to...
FICA Compliance Is More Than A Checklist
Knowing your client is a fundamental part of the due diligence required by the Financial Intelligence Centre Amendment Act (FICAA). The FICAA requires you to identify and verify your...