DocFox and the Law Society of South Africa have partnered to make FICA compliance easier than ever before
13 Jun 2023
How confident are you that your firm is meeting ALL of the Financial Intelligence Centre Act (FICA) requirements?
The FIC found that approximately 80% of all legal practitioners were non-compliant with FICA as they have not:
- Registered with the FIC as an Accountable Institution
- Implemented a Risk Management and Compliance Programme (RMCP)
- Conducted thorough Customer Due Diligence
- Reported suspicious behaviour or transactions to the FIC
Failure to comply with FICA could lead to potentially severe consequences, under Section 45C(3) of the FIC Act which may impose one or more of the following administrative sanctions:
- A caution not to repeat the conduct which led to the non-compliance reprimand.
- A directive to take remedial action or to make specific arrangements.
- The restriction or suspension of certain specified business activities.
- Financial penalties not exceeding R10 million in respect of natural persons and R50 million in respect of any legal person.
The FIC has published public compliance communication (PCC) 47 and guidance notes 4B and 6A which provide further direction to attorneys, notaries and conveyancers on their compliance obligations in terms of the FIC Act. All the PCCs and guidance notes are available on the FIC website.
How can DocFox help you?
DocFox and the Law Society of South Africa have partnered to make FICA compliance easier than ever before. Legal Practitioners that sign up for DocFox will receive initial onboarding at no cost and free annual training.
Our end-to-end software and services solution will help enable you to be FULLY FICA compliant!
- What is a FICA Compliance Officer?
- Financial Intelligence Centre Act: Increase in the number of sectors as accountable institutions
- Sabinet addresses the challenges of regulatory compliance
- The high cost of FICA non-compliance
- Recent important FICA amendments you should be aware of