FICA/AML Compliance Service

Tailored Solutions for Your Needs

At Moonstone Compliance, we provide a comprehensive suite of FICA compliance services, consulting, and training solutions tailored for accountable institutions and other entities.
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FICA/AML Compliance, Consulting, and Training Solutions

Our mission is to empower clients to implement robust anti-money laundering (AML) and counter-terrorism financing (CFT) procedures, ensuring full compliance with the Financial Intelligence Centre Act (FICA), including the significant amendments to the Act that came into effect from 19 December 2022. Our expert guidance will help you to navigate complex regulations, reduce risks, and foster a secure financial environment.

Risk-based Compliance Programmes

Integrate all the FICA requirements into your business with a structured, risk-based approach tailored to your operations.

AML and CFT Guidance

Expert advice on managing risks, beneficial ownership, customer due diligence (CDD), and implementing effective controls.

RMCP Customisation

Develop or refine your Risk Management and Compliance Programme, the cornerstone of FICA compliance, to meet your business needs.

FIC goAML Support

Assistance with registration and ongoing support for the FIC’s goAML platform.

Gap Analysis

Identify and address gaps in existing processes and documentation to ensure compliance.

FIC Inspection Support

Pre- and post-inspection guidance, including quarterly meetings for implementation, monitoring, and regulatory updates.

Regulatory Submissions

Support for compliance with Directives 6 and 7 and other regulatory requirements.

Self-assessments

Tools to test compliance and understanding of FICA’s requirements for institutions and employees.

Industry Updates

Regular newsletters clarifying key legislative changes and providing industry insights.

Customised Training

Face-to-face or virtual workshops, including the Moonstone Business School of Excellence FICA Awareness Course, an online, self-paced training solution.

Why Choose Moonstone for FICA/AML Compliance?

Our services are designed to meet the unique needs of accountable institutions as defined by FICA. We simplify complex regulations, offering practical, tailored recommendations to ensure compliance while minimizing operational risks. Whether you need a customized Risk Management and Compliance Programme (RMCP), support for FIC inspections, or ongoing training, our solutions are adaptable and aligned with the Financial Intelligence Centre (FIC) and Financial Sector Conduct Authority (FSCA) standards.

Tailored Solutions for Your Compliance Needs

Our FICA compliance services are flexible, ranging from essential documentation to comprehensive compliance frameworks. We work closely with you to deliver solutions that meet your specific requirements while upholding the highest standards of integrity and compliance.

Who We Serve

We offer FICA/AML solutions to all accountable institutions, including:
  • Legal practitioners
  • Trust and company service providers
  • Property practitioners
  • Authorised user of an exchange under Financial Markets Act
  • CISCA managers
  • Banks
  • Mutual banks
  • Co-operative banks
  • Life insurance businesses
  • Gambling activities
  • Credit providers and credit providers excluded from National Credit Act (NCA)
  • Forex dealers
  • Financial services providers (excluding non-life, reinsurance and medical schemes)
  • Issuers and sellers of travellers’ cheques, money orders, etc.
  • SA Postbank
  • Money or value transfer providers
  • High-value goods dealers
  • Crypto asset service providers
  • Clearing system participants

Frequently Asked Questions

What is FICA, and who needs to comply?
The Financial Intelligence Centre Act of 2001 (FICA) focuses on identifying the proceeds of crime and combating money laundering, as well as terrorist and proliferation financing. To be FICA compliant in South Africa, both organisations and individuals need to adhere to specific requirements and obligations. It’s essential for accountable institutions to comply with FICA to avoid legal penalties and support a safe, transparent financial system.

All accountable institutions listed in FICA, such as financial services providers, legal practitioners, estate agents, and crypto asset service providers, are required to comply with FICA’s requirements. Additionally, there are specific obligations, such as the reporting of suspicious transactions, that apply to all individuals, not just accountable institutions.
As an accountable institution, what are some of the responsibilities that I need to comply with under FICA?

Accountable institutions have several important responsibilities under FICA, which include:

  • Registering with the Financial Intelligence Centre (FIC)
  • Developing and implementing a Risk Management and Compliance Programme (RMCP)
  • Implementing customer identification and verification processes and conducting customer due diligence
  • Appointing a FICA compliance officer and, in some cases, money-laundering reporting officers
  • Regularly training employees on FICA, and screening for integrity and competency (per the RMCP)
  • Completing regulatory submissions to the FIC, such as the compulsory risk and compliance returns (RCRs) and more recent RMCP submissions
What is an RMCP, and do I need one?
An RMCP is a documented framework that accountable institutions are required to implement to identify, assess, monitor, and mitigate financial crime risks, more specifically those related to money laundering, terrorist financing, and other financial crimes.

The content of the RMCP is prescribed in FICA but requires personalisation to ensure that it speaks to the business’s operations, and it must be updated when changes occur in the business. It is the cornerstone of an accountable institution’s FICA strategy and must be based on a risk-based approach. The risk-based approach requires accountable institutions to evaluate and adequately manage the money laundering and terrorist financing risks associated with their clients, transactions, products and services, delivery channels, and geographic locations. As a result, there is no ‘one-size-fits-all’ document that will result in full FICA compliance over multiple accountable institutions.
How does Moonstone support accountable institutions with FICA and AML compliance?
Moonstone Compliance assists accountable institutions to comply with the requirements of FICA and to manage their risks of being involved in money laundering activities.

Our FICA and AML services are designed to be adaptable to your specific requirements, and we offer a range of solutions, from the provision of essential documentation to the development and implementation of a comprehensive FICA and AML framework.
How can Moonstone help with goAML registration?
We provide step-by-step assistance with registering on the FIC’s goAML platform and offer continued support to ensure you stay updated with all reporting obligations.
Do you offer FICA training for staff?
Yes, we offer both face-to-face training sessions and online training options through Moonstone Business School of Excellence.

Our online training offerings have been meticulously designed to encompass awareness training, an in-depth understanding of FICA requirements, and the effective management of these requirements within your business.

Our facilitated or in-person training options can be tailored to meet your specific requirements. These programmes may encompass training on an institution’s RMCP, education on conducting business risk assessments, and training for all relevant stakeholders.

FICA/AML Insights

FICA compliance: FSP turns a R500k sanction into a learning curve

FICA compliance: FSP turns a R500k sanction into a learning curve

“I paid R500 000 for a master’s degree in FICA.” That’s the view of Miros Kaffka, who has emerged from a difficult experience after the Financial Sector Conduct Authority fined his company for non-compliance with aspects of the Financial Intelligence Centre Act (FICA). Last month, the FSCA informed Kaffka that his Pretoria-based business, MIKA Finansiële Dienste […]

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Last chance to book for webinar on FICA compliance in the agricultural sector

Last chance to book for webinar on FICA compliance in the agricultural sector

Registrations for Moonstone Compliance’s free webinar for accountable institutions in the agri-business sector close today (27 January). Click here to register for the webinar, which will take place on Wednesday (29 January). Many people in the agri-business sector – including auctioneers and traders in farming implements – are unaware that they are now accountable institutions […]

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FSCA fines two financial firms R1.2 million for FICA compliance failures

FSCA fines two financial firms R1.2 million for FICA compliance failures

Financial entities are strongly advised to review and reinforce their anti-money laundering (AML) and counter-terrorist financing (CTF) controls, as the Financial Sector Conduct Authority wraps up the year with R1.2 million in fines for non-compliance with the Financial Intelligence Centre Act (FICA). In a statement last week, the FSCA said administrative sanctions had been imposed […]

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Small FSP that was fined R1.1m shares four lessons in FICA compliance

Small FSP that was fined R1.1m shares four lessons in FICA compliance

Don’t wait for an audit by a supervisory body before you get serious about complying with the Financial Intelligence Centre Act (FICA). This is one of the messages the owner of a small FSP hit with a hefty fine has for accountable institutions. The FSCA announced on Tuesday that in June it imposed a penalty […]

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Certain FSPs and CIS managers must provide information about FICA compliance

Certain FSPs and CIS managers must provide information about FICA compliance

The FSCA has issued a Directive to Provide Information (DPI) that applies to certain FSPs and managers of collective investment schemes. The purpose of the DPI is to assess the relevant accountable institutions’ compliance with the Financial Intelligence Centre Act (FICA). The Authority is collecting the information in its capacity as a FICA supervisory body. […]

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Contact Us for Expert FICA/AML Compliance Support

Ready to strengthen your FICA compliance strategy? Contact Moonstone Compliance today to learn how our consulting, training, and compliance solutions can help you to meet the regulatory requirements with confidence.
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