Reporting suspicious and unusual transactions to the Financial Intelligence CentrePublished Date : 2019-11-24 - 0.17 MBBusinesses are at the forefront of conducting transactions or negotiating for goods and services with their clients. They are therefore best placed to detect whether their clients are laundering money and/or financing terrorism or related activities
THE FIC AND ESTATE AGENTSPublished Date : 2019-11-23 - 1.64 MBEstate agents, as defined in the Estate Agency Affairs Act, 1976 (Act 112 of 1976), are listed as accountable institutions on Schedule 1 of the FIC Act. Sectors included on Schedule 1, have been identified as being at risk of being abused by money launderers. The estate agency sector has also been used as a vehicle to hide funds and to help criminals introduce their proceeds into the financial system.
IMPACT OF THE FIC ACT ON AUTHORISED USERS OF EXCHANGESPublished Date : 2019-10-09 - 0.76 MBAll accountable institutions, listed as Schedule 1 items in the FIC Act, are required to fulfil obligations including registering with the FIC and submitting regulatory reports. Using the information provided by the accountable institutions, the FIC conducts analysis to develop financial intelligence reports. These reports are disseminated to domestic competent authorities such as the South African Police Service and the South African Revenue Service, as well as international partners and peers. The provision of financial intelligence to law enforcement and other competent authorities, therefore, is largely reliant on the fulfilment of compliance of obligations by institutions.
THE FIC ACT’S IMPACT ON MOTOR VEHICLE DEALERS - PART 2Published Date : 2019-06-18 - 0.57 MBAs reporting institutions, motor vehicle dealers are required to register with the Financial Intelligence Centre. Following consultations with the industry during 2018, the FIC has proposed changing MVDs from Schedule 3 – reporting institutions – of the FIC Act, to Schedule 1 - accountable institutions.
BE ON THE LOOK OUT: YOUR BUSINESS COULD BE TARGETED BY MONEY LAUNDERERS Published Date : 2019-08-26 - 0.26 MBTypically, many criminals use their ill-gotten gains to expand their lifestyle and persona. They may do this through purchasing expensive household furniture and décor items, fast cars and yachts, jewellery and clothing, or property and businesses.
When doing business becomes suspicious Published Date : 2018-11-16 - 0.41 MBIn the day-to-day life of a typical business, there is interaction between staff, clients and service providers. The majority of the financial transactions that take place in these business environments are legitimate. Some, however, may seem questionable, a cause for concern or they do not make business sense.
DOING BUSINESS THE ‘RIGHT’ WAYPublished Date : 2018-07-20 - 0.14 MBIn the day-to-day life of a typical business, there is interaction between staff, clients and service providers. The majority of the financial transactions that take place in these business environments are legitimate. Some, however, may seem questionable, a cause for concern or they do not make business sense.
USING A RISK-BASED APPROACH TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCINGPublished Date : 2019-10-21 - 0.21 MBAll accountable institutions listed in Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001(FIC Act) are required to apply a risk-based approach when establishing a business relationship and/or conducing a single transaction with a client.
FINANCIAL SERVICE PROVIDERS AND STEMMING CRIMEPublished Date : 2018-07-20 - 0.53 MBThe broad range of services offered by financial services providers can make them vulnerable to being exploited by criminals involved in money laundering and/or the financing of terrorist activities.
Estate agents and FIC Act compliance Published Date : 2018-12-04 - 0.50 MBThe Financial Intelligence Centre (FIC) is the administrator of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), which is central to South Africa’s legislative framework on anti-money laundering and counter the financing of terrorism. The FIC Act established the FIC as the country’s national centre for gathering and analysing financial data. The FIC is mandated to identify funds generated from criminal acts, to combat money laundering and terrorist financing. The FIC Act imposes certain obligations on sectors deemed vulnerable to money laundering and terrorist financing and compels these sectors to report to the FIC.