--- title: Learnings from the 2022/2023 FIC Annual Report description: The Financial Intelligence Centre (FIC) recently issued its 2022/2023 Annual Report. 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We thought it prudent to detail the important considerations, facts, highlights, and learnings from this report in a period that has undergone a significant change: - The FIC produced 3 424 proactive and reactive intelligence reports and contributed to the recovery of R5.82 billion in criminal proceeds during 2022/2023. Most of the intelligence reports produced in 2022/23 related to money laundering, fraud, bribery and corruption; - The FATF recognised the significant progress made by South Africa in actioning the 67 recommended actions highlighted in the mutual evaluation report. In response to the [greylisting](https://blog.kycafrica.ncino.com/the-fatf-greylists-south-africa-and-what-that-means-for-you), the South African government has reiterated our commitment to strengthening the effectiveness of its AML, CFT and CPF regime and to resolve the remaining strategic deficiencies identified by the FATF; - Memoranda of Understanding (MoUs) were entered into with the financial intelligence units of Greece, Uruguay, Japan, Bhutan and Pakistan. This brought the total to 100 in terms of the total number of international MoUs the FIC has had in place as at 31 March 2023. These MoUs commit both parties to working together to ensure that the financial system is safe, stable and sustainable for all citizens; - The new Forensic Capability division, which expands the FIC’s reach beyond intelligence analysis to include forensic reporting and presenting court testimony, will become operational in the 2023/24 financial year; - The FIC blocked R92.2 million as suspected proceeds of crime; - A total of 946 compliance inspections were conducted. The supervisory bodies issued 544 inspection reports, while the FIC issued 402 inspection reports; - 75% (302 out of 402) of the FIC’s compliance inspections conducted during 2022/23, focused on legal practitioners. Close to 21% of legal practitioners were compliant and required no further action, the assumption being that 79% were non-compliant; - These inspections revealed non-compliance in some key areas, notably, legal practitioners struggled with conducting [customer due diligence](https://blog.kycafrica.ncino.com/what-fica-documents-do-i-need), maintaining proper records of customer due diligence and developing and implementing RMCPs; - The FIC prescribed remedial actions for 313 of the total 402 accountable institutions that were inspected during the year; - The FIC followed up with the 313 non-compliant institutions and determined that 170 inspected entities (54%) changed their compliance behaviour and remediated their non-compliance; - The total financial penalty of the sanctions imposed by the FIC was valued at R872 388, of which R436 194 was payable and the remainder was suspended; - 45 392 accountable institutions submitted approximately 5.3 million regulatory reports, including: - 4 249 189 cash threshold reports (CTRs) - 558 348 suspicious and unusual transaction (STRs) reports - 7 terrorist property reports (TPRs) - 503 062 international funds transfer reports (IFTRs) - The FIC hosted 33 awareness sessions via webinar. The webinars were attended by 16 801 people, which is more than double the number that attended in the previous year. If you haven't already, [sign up to our Newsletter](https://share-eu1.hsforms.com/1EGe3layITCaXlgtYEX6fSwetu2j) to keep updated with the latest FICA compliance / Anti-Money Laundering and Greylisting news. ![Hawken McEwan](https://blog.kycafrica.ncino.com/hubfs/Hawken.png) ### About the author: ### Hawken McEwan Hawken has over 25 years’ experience in financial crime compliance, regulatory operations, banking operations, risk and change. Specialising in FICA and Anti-Money Laundering, Hawken holds a Masters from the Edinburgh University, the AMLCPrac(SA) designation, and is a Certified Anti Money Laundering Specialist, Member of the Association of International Financial Crime Investigators and South African Board member for ACAMs ## Related Articles - ### [RMCP Compliance: What Directive 10, 12 and GN 7B Require](https://blog.kycafrica.ncino.com/rmcp-compliance-what-directive-10-12-and-gn-7b-require) ![RMCP Compliance: What Directive 10, 12 and GN 7B Require](https://blog.kycafrica.ncino.com/hubfs/RMCP%20Compliance_%20What%20Directive%2010%2c%2012%20and%20GN%207B%20Require.jpg) - ### [Important FIC Regulatory Updates: Directive 10, Draft Directive 12 & Guidance Note 7B](https://blog.kycafrica.ncino.com/fic-updates-directive-10-draft-directive-12-guidance-note-7b) ![Important FIC Regulatory Updates: Directive 10, Draft Directive 12 & Guidance Note 7B](https://blog.kycafrica.ncino.com/hubfs/Important%20FIC%20Regulatory%20Updates_%20Directive%2010%2c%20Draft%20Directive%2012%20%26%20Guidance%20Note%207B.jpg) - ### [What Are The Key Requirements That Need to be Met in Order to be FICA Compliant?](https://blog.kycafrica.ncino.com/the-key-requirements-that-need-to-be-met-in-order-to-be-fica-compliant) ![What Are The Key Requirements That Need to be Met in Order to be FICA Compliant?](https://blog.kycafrica.ncino.com/hubfs/The%20Key%20Requirements%20That%20Need%20to%20be%20Met%20in%20Order%20to%20be%20FICA%20Compliant.jpg) - ### [What is the Complete list of Accountable Institutions Under FICA?](https://blog.kycafrica.ncino.com/accountable-institutions-under-fica-complete-list-and-compliance-obligations) ![What is the Complete list of Accountable Institutions Under FICA?](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Accountable-Institutions-Under-FICA-Complete-List-and-Compliance-Obligations-1.jpg) - ### [Everything You Need to Know About Ultimate Beneficial Owners \[Part 1\]](https://blog.kycafrica.ncino.com/everything-you-need-to-know-about-ultimate-beneficial-owners) ![Everything You Need to Know About Ultimate Beneficial Owners \[Part 1\]](https://blog.kycafrica.ncino.com/hubfs/Business%20man%20looking%20through%20a%20filling%20cabinet%20with%20illustrated%20diagram%20of%20UBO%20structure.png) ![nCino Full colour Logo](https://blog.kycafrica.ncino.com/hubfs/nCino%20Full%20colour%20Logo.svg) Subscribe to our newsletter [Subscribe](https://share-eu1.hsforms.com/1EGe3layITCaXlgtYEX6fSwetu2j) - - - - ### Solutions - [Client Onboarding](https://kycafrica.ncino.com/solutions/customer-onboarding/) - [Watchlist](https://kycafrica.ncino.com/solutions/watchlist-screening/) - [Risk Rating](https://kycafrica.ncino.com/solutions/risk-rating/) - [Bank Account Verification](https://kycafrica.ncino.com/solutions/account-verification/) - [Compliance Services](https://kycafrica.ncino.com/solutions/compliance-services/) - [Training and Webinars](https://kycafrica.ncino.com/solutions/training-and-webinars/) ### Industries - [nCino for Banks](https://www.ncino.com/) - [High Value Goods Dealers](https://kycafrica.ncino.com/industries/high-value-goods-dealers/) - [Law Firms](https://kycafrica.ncino.com/industries/law-firms/) - [Real Estate Industry](https://kycafrica.ncino.com/industries/real-estate-industry/) - [Stock Brokers](https://kycafrica.ncino.com/industries/stock-brokerage/) - [Forex Traders](https://kycafrica.ncino.com/industries/forex-traders/) - [Financial Service Providers](https://kycafrica.ncino.com/industries/financial-advisors/) - [Credit and Lending](https://kycafrica.ncino.com/industries/credit-and-lending/) - [Motor Vehicle Dealers](https://kycafrica.ncino.com/industries/motor-vehicle-dealers/) - [Other Accountable Institutions](https://kycafrica.ncino.com/industries/other-accountable-institutions/) ### Company - [About](https://kycafrica.ncino.com/about/) - [Press Releases](https://kycafrica.ncino.com/press/) - [Careers](https://www.ncino.com/our-company/careers) - [Contact](https://kycafrica.ncino.com/contact/) - [Partner with us](https://kycafrica.ncino.com/industries/our-partners/) - [FICA FAQ's](https://kycafrica.ncino.com/fica-faqs/) ### Legal & Compliance - [Terms and Conditions](https://kycafrica.ncino.com/terms-and-conditions/) - [Privacy Statement](https://kycafrica.ncino.com/privacy-policy/) - [PAIA Manual](https://kycafrica.ncino.com/wp-content/uploads/2025/03/nCino-SA-PAIA-Manual-March-2025-2.pdf) - Cookie Settings © 2016 – 2026 nCino. 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