Tag: Accountable Institution
Money laundering risk compliance – products and services
The significance of having a robust Risk Management and Compliance Programme (RMCP) for combating Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF), cannot be taken lightly.
FICA compliance and penalties – the time for accountability is now
FICA Compliance and Penalties are becoming critical considerations for South African businesses, as non-compliance can lead to severe financial and reputational consequences.
FSCA clamps down on FICA non-compliance
Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA.
FICA amendments impact South African Accountable Institutions
The Financial Intelligence Centre Act, No 38 of 2001 (FICA) is a piece of legislation introduced in South Africa to combat money laundering and the financing of terrorism (MLFT).
