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Proposed Amendments to FICA – How will this impact you and me? A Commercial Lawyer’s perspective….

Introduction The Financial Intelligence Centre Act 38 of 2001 (hereinafter referred to as “FICA” or the “Act”) was legislated primarily to combat various unlawful activities, such as money laundering and other unlawful transactions. Essentially, FICA imposes an obligation on all Accountable Institutions to verify the identity/origin of the funds of persons they are entering into […]

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Financial Intelligence Centre Amendment Act – Key Amendments To Look Out For (Part 2)

The FICA Amendment Act No 2 of 2017 (“the Act”), published in the Government Gazette on 2 May 2017, strengthens the provisions of FICA by introducing a risk-based approach to customer due diligence, among other things. In this article, we will deal in short with the sections that relate to customer due diligence measures. Customer […]

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The Impact of the FICA Amendment Bill

The Financial Intelligence Centre Amendment Bill, commonly known as the FICA Bill was signed into law during April 2017. The FICA Bill brings about amendments to the Financial Intelligence Centre Act 38 of 2001 (“FICA”), which aims at combatting money laundering and the financing of terrorism. This signing of the FICA Bill has been received […]

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New FICA regulations to consider

The new Financial Intelligence Centre Amendment Bill 2015 is now officially with the office of the President and is anticipated to come into operation imminently.  The amendments contained in this Bill provides for the extension and strengthening of the statutory due diligence requirements of accountable institutions in respect of all customers/clients and their transactions. Accountable […]

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