“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 […]
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 […]
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 […]
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 […]
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. […]
