The effects of recent ⚖️legislative changes to tighten South Africa’s control over 💵🪣money laundering and terrorist financing activities is starting to take shape. Full story here➡️
Failure to comply with these directives could result in administrative sanctions, ranging from a reprimand to the restriction or suspension of certain business activities, or a financial penalty of up to R10 million for individuals or R50 million for companies.
The accountable institution must then submit all this information to the FIC, which will analyse it to assess the level of compliance with its obligations under Fica. The information will also assist the FIC in identifying shortcomings, and if necessary, to further investigate the accountable institution’s operations.
The FIC requires accountable institutions to freeze the property and transactions of those persons or entities that have been included in a targeted financial sanctions list.
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