Tag: suspicious transaction
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.
Dealerships are now accountable institutions – how can they adapt?
Late last year, South Africa changed the Financial Intelligence Centre Act (FICA) to alter the status of several business types, including motor vehicle dealers. Under the new changes, dealerships are accountable institutions. How does this affect their operations, and can they adapt to the new requirements?
Avoiding FATF suspension depends on data
South Africa is the only permanent African member of the Financial Action Task Force (FATF), the global anti-money laundering watchdog. This is why it came as a shock to hear that the country is close to being grey-listed following concerns raised by the global body.
