The Financial Intelligence Centre (FIC) recently issued a Draft Directive 9 that will require Accountable Institutions that engage in crypto asset...
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The Significance of FICA Compliance: Why it Matters to All of Us
With a staggering 2 - 5% of global GDP, equivalent to around $800 billion - $2 trillion, being laundered annually, the imperative for robust...
The Reality of Financial Crime in South Africa: Where do we stand and what can we do?
The greylisting of South Africa (SA) in 2023 by the Financial Action Task Force (FATF) was a wake up call to many who may not have realised the...
9 Important FICA Facts about High-Value Goods Dealers
In November 2022 the Government Gazette published changes to Schedules 1, 2 and 3 of the Financial Intelligence Centre Act (FICA). The changes...
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...
SA’s Greylisting - A Year in, the Long Road to Redemption
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...
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...
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...
