Tag: proliferation financing
Modernising debit orders – from EFT to RM
The evolution of South Africa's debit order landscape has marked a journey of significant milestones. The shift from the Registered Mandate Service (RMS) to the Registered Mandate (RM) payment stream requires businesses and consumers to understand its effects.
The significance of FICA compliance – why it matters to all...
Despite being viewed as an administrative and burdensome expense with excessive paperwork sometimes causing potential delays to establishing business relationships and concluding transactions, Financial Intelligence Centre Act (FICA) compliance is more crucial than ever.
New accountable institutions urged to continue registering with the FIC
New designated items listed as accountable institutions in Schedule 1 of the Financial Intelligence Centre Act (FICA) are urged to continue registering with the Financial Intelligence Centre (FIC) even after the deadline of close of business on Monday, 20 March 2023, to avoid being in non-compliance with the registration requirements.
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.
