South African Institute of Professional Accountants (SAIPA) questions Constitutionality of FICA Bill: The Financial Intelligence Centre Amendment (FICA) bill has been in limbo since Parliament assented to it in May 2016. For months, it awaited approval from President Jacob Zuma. But in December last year, the President returned the bill to Parliament, citing concerns over the constitutionality of a single clause that would allow inspectors to carry out searches without a warrant. Since then, … [Read more...] about South African Institute of Professional Accountants (SAIPA) questions Constitutionality of FICA Bill
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How do money laundering regulations affect me?
Whether you are looking to buy, sell, let or rent a property, you will find that your estate agent will ask you for proof of identity and proof of residential address. So, if you have been asked for these, there’s no need for concern - the South African Reserve Bank have put certain controls in place through the introduction of the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA to effectively fight money laundering and combating the financing of terrorism. In terms of … [Read more...] about How do money laundering regulations affect me?
Common FICA compliance mistakes to avoid
In a bid to combat the increasing spate of fraud, South African Banks are legally required to establish the source of funds coming into their customer's bank accounts. As a result, banks regularly review their compliance with the Financial Intelligence Centre Act (FICA) and Know-Your-Customer (KYC) regulations to ensure that customer accounts are supported by updated, legally required information and documentation. Marcel Klaassen, Head of Sales at FNB Business says financial … [Read more...] about Common FICA compliance mistakes to avoid
