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Complying with Changes in Legislation. October and November 2012. Agenda. FICA. Money Laundering legislation. Defines: Money Laundering offence Reporting obligation. Definition. Financial Intelligence Centre. Reporting obligations.

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complying with changes in legislation

Complying with Changes in Legislation

October and November 2012

Money Laundering legislation

Defines: Money Laundering offence Reporting obligation

Responsibility of supervisory body

Administrative sanctions:

Not to repeat conduct


Remedial action

Restriction or suspension


Individual: R 10 mil

Company : R 50 mil

Appointment of inspectors

No warrant is necessary

Issue certificate of appointment

Must consult with Centre

Institution liable for any costs involved

What is FSP?


  • Display certified copy of license in prominent place at all business premises
  • Include reference to license in all documentation
  • Advise registrar of lapsing of license
  • Permanent incapable of carrying on business
  • Sequestrated
  • Dies
  • Liquidated
  • Business is dormant
  • Appoint compliance officer

Excluding a representative


May only Act if:

FSP must:

Accounting and audit requirements

External auditor must be approved by Registrar

Reasons for termination as auditor

May only change year end with approval of Registrar

10 Different compliance reports

Different submission dates per category

Registration requirements

No natural persons

Duties of NCR

Certificate of registration

Enter in register

Assign unique registration number

Fit and proper

No juristic person

Unlawful and Reckless Agreements
  • Cannot sue
  • Must refund:
  • Monies paid
  • Interest per quote

Credit provider

Pre-agreement statements

Prescribed forms for all agreements

Compliance and reporting

> R 15 mil – Quarterly

< R 15 mil – 15th February

6 months after year end

Meaning of service

Accommodation e.g. restaurant or hotel

Entertainment e.g. sale of tickets

Access to any electronic communications infrastructures e.g. cell phones, 3G

Access to event, premises, activity or facility

Right of occupancy in land or other immovable property

Education, information, advice or consultation (excluding FAIS)

Purpose of the Bill

Everyone wants the right to be left alone and have control over their personal information

Processing of personal information

Warning: PI may only be processed after the Regulator has been notified

Enforcement and penalties

Penalty: Fine and/or 12 months imprisonment (10 years when obstructing the Regulator)

Annual returns and financial accountability supplements

Also applicable to NPC and external company

30 Business days after anniversary date

Waived: March 2013 (except for public and SOC)

Deregister : Returns outstanding for two successive years

Legal effect of deregistration: Juristic personality is withdrawn and company or close corporation ceases to exists

Company records

Shareholder: Inspect and copy except for accounting records and minutes of directors meetings

Accounting records

Warning: Commission may issue compliance notice in respect of any failure to comply with accounting record requirements

Codified regime of directors duties

Includes alternate director, prescribed officer and committee members

These are unalterable provisions

Liability of directors: These are unalterable provisions

Fine or imprisonment not > 12 months, or both

Audit committee

If Duties prescribed in Companies Act and King III

Other committees (King 111)

External advisors and executive directors should attend meetings by invitation

Should be free to take independent advice at the cost of the company

Communication equipment
  • Register
  • Disposals and acquisitions
  • Make and model
  • IMEI number
  • Serial number
  • ID copy to be kept by dealer
  • Full name and address
  • Kept for 5 years
  • Records
  • Particulars
  • Person
Offences and penalties

Schedule 3 – Offences and Penalties (commenced 16 January 2012)


Thank You

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086 101 0001