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Financial Intelligence Centre Amendment Bill – Back to basics

Financial Intelligence Centre Amendment Bill – Back to basics

The Financial Intelligence Centre Amendment Bill [B33-2015] was published for comment on 29 April 2015. The parliamentary process is complete and the Bill is now awaiting presidential assent. Little has been made of this Bill in the media, perhaps because the changes envisaged by the Bill has no apparent nor immediate impact on ordinary consumers.

For accountable institutions (identified in FICA), however, the Bill is a call to action. It is an opportunity for businesses to take ownership of their processes to combat money laundering and terrorist financing activities. Merely ticking the boxes will no longer suffice. Read more

Risk Culture: More Work Needed from Boards in Financial Services

Only 60% of chief risk officers (CROs) at global financial institutions say their boards have worked at embedding the organization’s risk culture across the enterprise, and about the same percentage say their boards have reviewed incentive compensation plans to consider alignment of risks with rewards, according to the ninth biennial “Global Financial Services Risk Management Survey” from Deloitte Touche Tohmatsu Limited (DTTL).