Tag: FICA

The latest regulatory action against a major financial institution resulted in a R28 million administrative penalty. The penalty followed shortcomings under the Financial Intelligence Centre Act (FICA). It is a timely reminder that compliance cannot become a once-off exercise.

The Financial Intelligence Centre’s attempt to impose retrospective penalties for a period extending fully five years prior to the existence of any lawful authority is not merely misguided, it is a brazen affront to the rule of law.

Stringent enforcement of Anti-Money Laundering (AML) regulations places heavy responsibility on banks and other Financial Institutions (FIs). These institutions must take great care when onboarding customers. They must also track the source and destination of funds to ensure compliance. However, FIs do not operate in isolation.

Data compliance is an important facet of any business today. For insurers who rely on customer data for product distribution and innovative development of better solutions, meeting the requirements of this regulation is critical. 

For any country, it is important that Government has systems in place. For every person, the state needs to know, amongst other things, name,...

Africa has earned an unfair reputation of being a haven for money laundering and terror financing activity. There’s good reason for this. Africa has...

With South Africa already on precarious ground as a result of its alleged ‘state capture’, not least also the effects of South Africa being...