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Tag: Financial Intelligence Centre Act (FICA)

BEC attacks – who is legally responsible?

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Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud.

Crypto regulation in South Africa – there’s a new sheriff in...

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The new regulations proposed by the South African Government will lead to greater regulatory oversight and control in the crypto asset sector and will spell bad news for non-compliant operators. It has long been clear that regulation in South Africa was inevitable, regardless of this being contradictory to the philosophy of most of those involved in the crypto asset sector.

General obligations for accountable institutions in terms of the FIC Act

Businesses that are considered as vulnerable to being abused for money laundering and terrorist financing purposes by criminals are listed as accountable institutions in terms of the Financial Intelligence Centre Act, 38 of 2001 (FIC Act). And, as such, these institutions must meet certain regulatory obligations that are designed to help combat financial crime.

Make KYC verification a vital part of your AML processes

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Non-compliance with anti-money laundering (AML) regulations can result in heavy financial penalties and could expose your clients and business to potential harm, with Financial Intelligence Centre Act (FICA) fines of up to R10 million in your personal capacity and up to R50 million as a company.

Freezing of clients’ account prohibited in certain circumstances

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The Financial Intelligence Centre Act, 38 of 2001 (FIC Act), places an obligation on accountable institutions to identify clients, to keep record of transactions, to report various transactions and to take measures to promote compliance with the provisions of the FIC Act. 

FSCA clamps down on FICA non-compliance

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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.

How attorneys, notaries and conveyancers can help fight crime

The Financial Intelligence Centre Act (FIC Act) requires accountable institutions, identified in the Act to fulfil compliance obligations, which are geared to assist in identifying the proceeds of crime, combating money laundering and terrorist financing.

Relentless in the fight against fraud, 2020 and beyond

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Bank hackers, email phishing scams and identity theft are synonymous with fraud in the financial sector. According to a statement by the South African Banking Risk Information Centre (SABRIC), more than R 800 million were lost over the last couple of years in South Africa due to fraud.

Auditing Profession Amendment Bill released

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The South African Institute of Chartered Accountants (SAICA) welcomes the gazetting of the Auditing Profession Amendment Bill (APA Bill), and commits to supporting initiatives aimed at improving the regulatory environment in order to restore trust in South African capital markets. SAICA is looking forward to making a positive contribution in this amendment process. 

Factors to consider before entering franchising

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Almost every entrepreneur - at some point in their journey - considers going into franchising as a guaranteed route to attaining business success. Despite the sector having a higher success rate compared to its counterparts, franchising has its pros and cons and will not necessarily be suitable for every entrepreneur.

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