As South Africa gears up for the 2024 general elections, one significant aspect under the spotlight is the Financial Intelligence Centre Act (FICA)...
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Draft Directive 9: Travel Rule Relating to Crypto Asset Transfers
The Financial Intelligence Centre (FIC) recently issued a Draft Directive 9 that will require Accountable Institutions that engage in crypto asset...
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...
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...
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...
Why is it Important to do Continuous Client Screening?
We are often asked if continuous screening is required by the Financial Intelligence Centre Act (FICA) or if it is just additional work? To answer...
