Financial Intelligence Centre Act – Amendment
FICA was adopted in 2001 and has since been amended a number of times to ensure that South Africa’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory regime is in line with international standards as set out by the Financial Action Task Force (FATF) and reflects South Africa’s continued commitment to combating […]
Should anyone be registered as a High-Value Goods Dealer in terms of the Financial Intelligence Centre?
What is a High-Value Goods Dealer? A High-Value Goods Dealer is any person (natural/juristic) that carries on the business of selling or trading singular items, known as High-Value Goods, for R100 000.00 or more. If you or your Company fall within this definition, you are considered to be an Accountable Institution and Financial Intelligence Centre Act […]
Consequences of non-compliance with the Financial Intelligence Centre Act for all Accountable Institutions
The Financial Intelligence Centre (FIC) is the statutory body administering this legislative framework. This information applies to the institutions included on Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). What are the accountable institutions? Accountable institutions include banks, law firms, estate agencies, financial services providers, motor vehicle dealerships, investment and […]
Auditing Services
At Morningside Consulting and Training Group we have invested substantially to develop a disciplined, standardized methodology to drive udit quality and objectivity. Our professionals are trained in the same methodology, ensuring the consistently high standards our stakeholders can expect of our team. To privately-owned companies we offer the services of trusted business advisors – dedicated […]
The changing tax compliance environment and role of efficient audit strategies
The environemnt in which tax administration works is undergoing fundamental changes. This change covers not only what they do and the technologies they use, but also the dramatic increase in data sources and analytical capabilities, as well as the growth in third party providers. These changes are allowing tax administrations to rethink how they can […]
Auditing, Assurance & Reporting
External auditing (hereafter referred to as auditing) has evolved from a routing checking of the books of accounts to a vital part of the governance processes of companies. Factors such as the volume of transactions, information technology, globalization and the constant increase in the complexity and number of laws, regulations and standards governing entities and […]
Financial Services | Financial Intelligence Centre
All sectors affected by FIC: What industries are affected by FICA? FICA has called these industries as accountable institutions. Non-compliance with the Financial Intelligence Centre (FIC) Act has led to a rise in administrative sanctions across several sectors, with penalties reaching up to R7.8 million in 2024. Over the past year, the FIC and other […]
Risk Compliance and Governance Law
Responsibilities in terms of FICA: What are the responsibilities of Accountable Institutions in terms of the Financial Intelligence Act? Accountable Institutions have the responsibility to: In addition, to keeping records: Who must register with FIC? Who does the Financial Intelligence Centre Act apply to? Non-compliance with the FICA regulatory framework could be very costly for […]
What are the FIC Act Sanctions?
Non-compliance with the Financial Intelligence Centre (FIC) Act has led to a rise in administrative sanctions across several sectors, with penalties reaching up to R7.8 million in 2024. Over the past year, the FIC and other supervisory bodies – such as the Financial Sector Conduct Authority (FSCA) – have significantly ramped up enforcement action against […]
Responsibilities in terms of FICA: What are the responsibilities of Accountable Institutions in terms of the Financial Intelligence Act?
Accountable Institutions have the responsibility to: In addition, to keeping records: Who must register with FIC? Who does the Financial Intelligence Centre Act apply to? Non-compliance with the FICA regulatory framework could be very costly for businesses, including law firms. Let our senior experts, former regulatory compliance officers, attorneys, accountants, auditors, tax experts, financial management […]
