FICA Amendments May Require Changes to Internal Processes
Amendments to the Financial Intelligence Centre Act (FICA) have been signed into law, although the effective date on which they become operative has not yet been proclaimed. Some of the key amendments include: Some of the amendments may require changes to internal business processes and operations. What are the compliance obligations for accountable institutions? For […]
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 […]
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 […]
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 […]
What are the consequences of non-compliance with the Financial Intelligence Act (FIC Act)?
Financial Intelligence Act 38 of 2001 intends: to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist activities and related activities. The FIC Act […]
Manufacturing Industry: Maximizing Efficiency and Competitiveness in the Era of Industry 4.0
How to improve operational efficiency in manufacturing? Adopting lean manufacturing principles, implementing automation, optimizing workflows and warehouse layouts and investing in employee training and development are all ways to boost production efficiency. Advanced tools, such as cloud manufacturing software, can further support an efficient operation. There are various ways businesses can improve operational efficiency in […]
Manufacturing Industry: Maximize Production Profitability
What is Production Efficiency? Efficiency is key to reducing costs, staying competitive, minimizing waste and keeping up with customer demand, all without sacrificing quality. Production efficiency is a measure of how effectively a manufacturer uses time, materials, and labor to create and deliver its products. The goal is to minimize waste in all capacities without […]
