Greylisting: firms face fines of up to R50m
New measures to combat money laundering and the financing of terrorist activity have resulted in a tenfold increase in the number of institutions accountable to the FIC
16 April 2023 - 08:01
Banks, realtors and casinos are among the companies that will have to screen employees for competence and integrity or face fines of as much as R50m.
This is according to the Financial Intelligence Centre (FIC), which recently published a directive in the government gazette ordering companies in these and other sectors to screen current and prospective employees' track records to curb financial crime. ..
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