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Latest News

CPB Shortlisted in the 2017 Banking Technology Awards!

CPB is excited to be shortlisted for the 18th International Banking Technology Awards that will take place in London on December 13, 2017. The Banking Technology Awards recognises excellence and innovation in the use of IT in financial services worldwide. Aimed at showcasing banks and financial institutions’ skills and commitment Read More…

The Risk Management and Compliance Program – Achilles heel or Strength?

INTRODUCTION: In terms of the amended section 42 of the Financial Intelligence Centre Act, No. 38 of 2001 (“the FIC Act”) all accountable institutions, as from 02 October, 2017 must have a Risk Management and Compliance Programme (“RMCP”). Gone are the Internal Rules and shortly accountable institutions must develop, document, maintain Read More…

RESPONSIBILITY FOR FICA COMPLIANCE

The advent of the Financial Intelligence Centre Amendment Act, No. 1 of 2017 (the Amendment Act) has created both excitement and a healthy amount of fear. Excitement in that most business entities understand the aim and result of what these FIC Act amendments by necessity brings. Nobody in his/her right Read More…

CUSTOMER DUE DILIGENCE UNDER THE FIC AMENDMENT ACT

Introduction One of the compliance areas that creates headaches for accountable institutions is the obligation to identify and verify its clients. The obligation to identify and verify has had a major makeover. Whereas the heading to Part 1 of Chapter 3 of the FIC Act previously read “Duty to identify Read More…

The significance of 02 October 2017 in the South African anti-money laundering and anti-terror financing environment

The date of 02 October 2017 is of great significance if you are an accountable institution, in terms of the Financial Intelligence Centre Act, 2001 as amended (“the FIC Act”). It is common knowledge that the recent legislative amendments brought about by the Financial Intelligence Centre Amendment, No. 01 of 2017, Read More…

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