As an Accountable Institution, you must take several important steps in order to identify and verify Ultimate Beneficial Owners (UBOs).
What are UBOs and why do...
There were a number of changes to the South African regulatory landscape in 2023, and with January already behind us, 2024 has gotten off to a flying start. Although we do not have a crystal ball, we anticipate that this trend will continue and that there will be several…
It’s been a year since the global watchdog the Financial Action Task Force (FATF) put South Africa (SA) on a greylist for failing to meet international standards with regards to anti-money laundering, combating the financing of terrorism and proliferation financing.…
In South Africa’s financial arena, few things matter as much as abiding by the Financial Intelligence Centre Act (“FICA”).
Passed in 2001, FICA stands as a...
The Competition Commission (Commission) has approached the Constitutional Court of South Africa (ConCourt) for leave to appeal the Competition Appeal Court (“CAC”) judgment handed down...
The Competition Commission (“Commission”) notes the judgment by the Competition Appeal Court (CAC) handed down on Monday, 8 January 2024 following appeals, review and dismissal...
The Competition Commission (Commission) has reached a settlement agreement with UK-based multinational bank, Standard Chartered Bank (“SCB”). In terms of the settlement agreement, SCB admits...
Financial misdeeds, including money laundering, terrorist financing, or proliferation financing, have a crippling effect on nations. They gnaw at the very core of economic integrity...
On 29 November 2022 the Government Gazette published changes to Schedules 1,2 and 3 of the Financial Intelligence Centre Act (FIC Act). The amendments significantly...
The fintech industry in South Africa is experiencing a significant surge in innovation, paving the way for financial institutions to reach a broader customer base...