Keeping you safe under new FICA rules
Updated: Nov 22
APS Africa is committed to financial integrity and adhering to the laws of South Africa as an Accountable Institution under the Financial Intelligence Centre Act (FICA). As a client of APS, you can be assured that we will continue to protect your privacy according to the laws of our country.
South Africa was placed on the "Grey-List" by the United Nations' Financial Action Task Team on 24 February 2023. As a result, new anti-corruption laws were enacted and expanded the list of industries that must now apply FICA to their transactions. Unfortunately, this puts a heavier burden on us and on our clients. But it is worth it when exposure of corruption, money laundering and terrorism are the results.
In light of the changes, our clients need to complete a FICA questionnaire so we can remain compliant with the new laws. It goes without saying that all information supplied to us remains confidential in terms of our data privacy rules.
The FICA questionnaire provided to you by APS will include questions relating to the following:
Your personal information;
Your general wealth profile;
Whether you may or may not be politically connected or not;
Whether you may receive benefits from any industry identified by the UN as higher risk (such as transportation businesses, courier businesses, etc) and
Whether you hold business interests and/or bank accounts abroad.
Is your business perhaps an Accountable Institution?
Your business may also be included in the new definitions of Accountable Institutions in line with Schedule 1 to the FIC Act, in which case you may have to also register with FIC and comply with the various FIC Act administrative and practical requirements;
If your business sells items that are valued at more than R100,000.00 per item, you may be a High-Value Goods Dealer;
If your business extends credit or incidental credit in the ordinary course of your business operations, you may be a Credit Provider;
There are a variety of new business types that now fall within the ambit of FICA, so be in touch should you wish for us to assist you in checking this for you.
As always, if you have any questions or need assistance with the questionnaire, please contact Ame Booysen at firstname.lastname@example.org or 076 154 0795.