Regulatory Alerts2020-01-30
Added · Updated
FIC Communique on Non-Life Insurance Risk Assessment and Regulatory Inclusion
The Financial Intelligence Centre (FIC) has initiated a comprehensive risk assessment of money laundering and terrorist financing across South Africa’s non-life insurance sector. Appointed consultants Deloitte are finalizing a survey of industry participants, with the resulting data directly determining whether these businesses will be formally designated as accountable institutions under Schedule 1 of the FIC Act, 2001. This regulatory inclusion will mandate compliance with existing anti-money laundering and counter-terrorist financing obligations, including customer due diligence, record-keeping, and transaction reporting.