With money laundering and terrorist financing on the rise, many South African industries aren't doing enough to mitigate the risks, and in turn, aren't complying with FICA, ...

The South African bank Nedbank was fined 35 million Rand ($21 million) due to its money laundering shortcomings.

Part of the remedial efforts included the amending of six laws that are key to the effectiveness of South Africa's AML/CFT measures.

The FIC's publication encourages those dealing in South African real estate to be aware of money laundering relating to the sector.

*Coronavirus (COVID-19) regulatory measure

To address the beneficial-ownership information deficiencies identified by the Financial Action Task Force in its Mutual Evaluation Report adopted in 2021, the General Laws (Anti-Money Laundering...

As the African Continental Free Trade Area accelerates implementation and intra-African trade volumes grow, recent Financial Action Task Force developments highlight both the urgency and complexity...

The South African Revenue Service (SARS) announced, on 15 September 2023, new rules for information on the beneficial owners of trusts, including the type of documents that must be submitted.

On 19 May 2023 FIC issued a reminder to accountable institutions to comply with their obligations under Directive 6 of 2023 which requires designated non-financial businesses and professions listed in Schedule 1 ...

ENSafrica's latest legal briefing covers critical developments across African jurisdictions, from Uganda's proposed withholding tax on foreign debt to South Africa's rail reform revolution and the landmark COFI legislation heading to Parliament. The collection examines regulatory enforcement limits, investment law changes in Ghana, and emerging risks in AI-generated code deployment.

In response to its 2023 "grey listing" by the Financial Action Task Force, the enactment of The General Laws Amendment Act 22 of 2022 marks an important shift in South Africa's approach to combating these nefarious financial activities.

It has been just over a year since South Africa was placed on the Financial Action Task Force's ("FATF") greylist, following its failure to implement the recommendations...

Employees who are responsible for interacting with clients will be able to determine whether a prospective client intends to conclude a single transaction or enter a new business relationship with the firm.

​​​On 19 December 2024, the National Treasury published the Draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024 (Draft Bill) for public comment.

The Financial Intelligence Centre has published, and requested comments on, a consultation document relating to amendments to the FICA Regulations.

South Africa's diverse economy, strategic role in Africa and political history create a unique business and regulatory environment.

On 30 November 2022, the Minister of Finance added new accountable institutions to the Financial Intelligence Centre Act ("FICA")...

The pandemic has reshaped South African society. As a result, how we do business and everyday transactions have entirely changed. Along with remote work and schooling, ...

The Financial Action Task Force (FATF) issued South Africa's Third Enhanced Follow-Up Report and Technical Compliance Re-Rating in respect of its measures to tackle money laundering and terrorist financing on 5 November.

South Africa's Financial Intelligence Centre has released an updated sector risk assessment for legal practitioners ahead of the 2027 FATF mutual evaluation, identifying the profession as highly vulnerable to money laundering and terrorist financing abuse. The draft report highlights significant concerns about low regulatory reporting despite high transaction values, widespread cash use, and questions whether legal practitioners are accurately assessing their own compliance risks. With comments due by 14 Ju