Heavy penalties in store for FIC non-compliance
Institutions that have not submitted risk and compliance returns could be penalised up to R50,000
06 January 2025 - 05:00
Nonfinancial businesses and professional firms could face stiff penalties if they neglect to submit risk and compliance returns to the Financial Intelligence Centre (FIC).
The centre monitors financial transactions for money laundering or terror financing and plans to impose heavy penalties on firms that fail to submit the required returns...
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