Geographic risk: Not everything is black and grey

As an Accountable Institution, it is important to have a heightened awareness of what raises alarm bells or suspicion of money laundering and/or other financial crimes. Many factors come into play when assessing risk, and so, Accountable Institutions should use a combination of indicators to holistically assess the risk that a client, business relationship or single transaction may pose.

What is FICA and why should you care about it?

The world is full of acronyms, but if you are an Accountable Institution then FICA is one you need to become accustomed to. While you may have heard about it, do you know what it is, and why it is important? As with many laws, most people don’t take them seriously until an inspector comes knocking on your door.

DocFox adds simplicity and structure to Pinnacle Wealth Management compliance process

Pinnacle Wealth Management is an investment advisory firm that looks after R2.8 billion of high net-worth clients. Due to the nature of their clients, there is a high touch and personal relationship with each client and so, it comes as no surprise that Pinnacle Wealth pride themselves on offering the best possible hands-on service whilst remaining compliant.

What FICA documents do I need to adequately perform due diligence?

A frequently asked question among accountable institutions is “What documents should I be requesting in order to adequately perform FICA for certain clients or situations”. As the Financial Intelligence Center Amendment Act (FICAA) takes a risk-based approach, the answer is often “it depends”!

The anti-money laundering toolkit every Estate Agent needs to read

Illicit funds acquired through predicate crimes need to be cleaned before they can be enjoyed without raising suspicion. As we all know criminals have come up with many elaborate ways to “wash“ their dirty money, but real estate, in all its forms, is an especially attractive option towards the end of the money laundering cycle.

FICA compliance is more than a checklist

Knowing your client is a fundamental part of the due diligence required by the Financial Intelligence Centre Amendment Act (FICAA). The FICAA requires you to identify and verify your clients before you enter into a business relationship or undertake a single transaction. This process goes far beyond just an ID book and proof of address, meaning a simple FICA checklist approach won’t cut the mustard when it comes to ensuring FICA compliance.

New Anti-Corruption Advisory Council tasked with fighting financial crimes

With corruption being one of the greatest hurdles for South Africa’s growth and development, it is clear that decisive action was needed. During the state of the nation address (SONA), President Cyril Ramaphosa announced the appointment of an independent National Anti-Corruption Advisory Council.

Ultimate Beneficial Owners – Finding needles in haystacks

The concept of Ultimate Beneficial Owners (UBOs) exists to counter the practice of using complex structures or legal persons to conceal true ownership. A UBO is effectively, the person/s at the top of the tree – who have ultimate benefit from, or ultimate control of an entity and its operations.

What happens when a FIC inspector calls

Accountable and Reportable Institutions are subject to inspection to assess their level of compliance with the Financial Intelligence Centre Act (FICA). These inspections are carried out by the FIC or a supervisory body and result in a written outcome or report confirming their findings.