Tag: Risk Management and Compliance Programme (RMCP)

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 are becoming critical considerations for South African businesses, as non-compliance can lead to severe financial and reputational consequences.

The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.

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).