South Africa’s battle against crime isn’t just fought on the streets—it is waged in online meetings, boardrooms, banks, and businesses nationwide. As our crime rates surge, so does the...
A Guide on How to Prepare for a FIC Inspection
Notice of a FIC inspection often happens with very little warning. Our expert compliance team has assisted many businesses with guidance regarding inspections and so we have used this...
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...
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)...
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 Inherent Money Laundering Risks in the Gambling Sector
The Financial Intelligence Centre (FIC) has recently published a report regarding an assessment into the inherent money laundering and terrorist financing risks in the gambling sector of...
The Money Laundering & Terrorist Financing Vulnerabilities of SA’s Property Sector
Various categories of property transactions are undertaken in the South African property market, including in terms of undeveloped land, residential, commercial, industrial and agricultural...
Motor Vehicle Dealers and Their Inherent Money Laundering Risks
The Financial Intelligence Centre (FIC) has published a Report regarding the inherent money laundering and terrorist financing risks encountered by South Africa’s motor vehicle dealers’...
Understanding Money Laundering and Terrorist Financing
Money Laundering and Terrorist Financing are often used in the same sentence, and while there can be some similarities in terms of process, they are fundamentally distinct. Money Laundering...