2.1 Introduction

The accountability and responsibility for the effective management of anti-money laundering procedures lies with the key individual and may be delegated to responsible employees.

4.2 Penalties

In terms of FICA, two maximum penalties can be rewarded for the different offences: Maximum penalty of R100 million- or 15-years’ imprisonment can be awarded for the following:Destroying or tampering with records.Failure to give assistance to representative of...

4.1 Introduction

FIC or a supervisory body may impose an administrative sanction on any accountable institution, reporting institution or other person to whom FICA applies when satisfied on available facts and information that the institution or person: Has failed to comply with a...

3.4 Training and Monitoring of Compliance

An accountable institution must provide training to its employees to enable them to comply with the provision of the Financial Intelligence Centre Act (FICA) and the Risk management plan and compliance program. The accountable institution must also appoint a person...