by VDT Attorneys | May 6, 2025 | Accountable Institutions, FIC, FICA, Financial Intelligence Centre, Grey listing
The Financial Intelligence Centre (“FIC”) is empowered by the FIC Act to enforce the Act and ensure that accountable institutions meet their required obligations. They are also empowered to hand out sanctions and penalties for non-compliance.As part of its compliance...
by Tenile Timmins | Feb 27, 2025 | Accountable Institution, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, FICA, Trust
In terms of the FIC Act, Accountable Institutions are required to implement stringent anti-money laundering controls, report suspicious activities or behaviour and make sure that they are registered with the Financial Intelligence Centre (FIC) in terms of the FIC...
by VDT Attorneys | Jun 13, 2023 | Accountable Institution, FIC, FICA, Fines
The FIC Act requires that accountable institutions must comply with the FIC Act and its encompassing provisions relating to client identification and verification, client risk assessment and screening and various reporting responsibilities toward the FIC and extensive...
by VDT Attorneys | May 4, 2023 | Accountable Institution, Anti-money Laundering Amendment Act, FICA, Trust
“Accountable Institutions” are defined in the Financial Intelligence Centre Act 38 of 2001 (“FIC Act”) and essentially refer to entities that are responsible in terms of the FIC Act to conduct what is colloquially known as ‘FICA’ on their clients. Although an...
by VDT Attorneys | Oct 10, 2017 | Company, Compliance, FICA
You are correct in that it appears that changes brought about by the Financial Intelligence Centre Amendment Act 1 of 2017 (“Amendment Act”), have lead to the withdrawal of many of the exemptions previously approved under the Financial Intelligence Centre Act 38 of...
by VDT Attorneys | Jun 9, 2017 | Business, Commercial, Company, FICA
The Financial Intelligence Centre Act 38 of 2001 (“FICA”) was introduced in South Africa to govern financial intelligence and to assist in the combatting of financial crime. The recent Amendment Act to FICA is intended to enhance and modernise our South African...
