In the News: FICA Compliance and the Consequences of Non-Compliance

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In this month’s enlightening episode, Maryna Botha considers the implications of non-compliance with the requirements of the Financial Intelligence Centre Act (‘FICA’). Against the backdrop of the recent levying of hefty penalties on non-compliant accountable institutions, Maryna emphasises that the Financial Intelligence Centre’s intention is not to punish banks, law firms, estate agencies, and other accountable institutions. Instead, its focus is on ensuring these entities verify the details of the persons they interact with and comply with their own internal Risk Management and Compliance Programmes. Cautioning against fearmongering, Maryna offers helpful tips to accountable institutions seeking to be FICA-compliant.

For skilled and sensible legal assistance with your FICA compliance requirements, contact compliance@stbb.co.za today.

5 Dec English South Africa Business

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