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.
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...
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...
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...
The board of directors of an accountable institution which is a legal person with a board of directors, or the senior management of an accountable institution without a board of directors, must ensure compliance by the accountable institution and its employees with...
