A report released by the Financial Action Task Force in October last year flagged key weaknesses in parts of South Africa’s financial regulations that risk the country being greylisted.
According to the report, South Africa has emerged as a hub for money laundering and the financing of terrorist activities due to rampant corruption and inabilities in the criminal justice system. It recommended the need for authorities to improve South Africa’s legal and regulatory framework against financial crimes.
In response to these recommendations, regulations in terms of FICA (Financial Intelligence Centre Act) have been amended to also include all credit providers as Accountable Institutions. This means that all credit providers must be registered under the new regulations, and there are certain business processes that will have to be amended.
In this Debtsource Academy we will discuss the key action points to best prepare your business against the possibility of non-compliance, and to fully understand how the new regulations will affect you.
We look forward to your attendance at the virtual Debtsource Academy
(via Microsoft Teams) on 16 March 2023 from 09h00 to 10h30.
Please join us for this event by sending an e-mail to
[email protected] and we will send you an invite.
The event is hosted at no charge and is part of our efforts to promote safer trade while helping you reach your organisational goals.