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CPB News

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…

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…

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…

An introduction to the key amendments in the FIC Amendment Act

An introduction to the key amendments in the Financial Intelligence Centre Amendment Act, No 1 of 2017 (‘the FIC Amendment Act’) A. Introduction: Industry, and specifically accountable institutions under the Financial Intelligence Centre Act, No. 38 of 2001, as amended (FICA), often raise the question what the key amendments are Read More…

A Real-time, on-line, paperless KYC/ AML on-boarding system taking the market by storm

Introduction Current manual on-boarding processes for KYC/AML is time-consuming, open to fraud and can lead to loss of business. Furthermore, the adoption of risk-based frameworks – as opposed to prescriptive methods – allows greater interpretation to requirements and the training of staff to correctly identify these requirements could be onerous. Read More…

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