A Clear Guide to FICA’s Customer Due Diligence (CDD) Levels in South Africa
Complying with South Africa’s Financial Intelligence Centre Act (FICA) is essential to combat money laundering and terrorist financing. One core element of FICA compliance is Customer Due Diligence (CDD), the process of verifying your customers’ identities and assessing their potential risks. But with three distinct CDD levels – Simplified, Standard, and Enhanced – understanding what’s […]
6 Key Steps to Perfect an Automated Workflow for your Accounting Firm
In the modern world of accounting, the demand for efficiency, accuracy, and transparency has never been greater. Traditional manual processes, once a staple of accounting practices, increasingly stand in the way of productivity and growth. Today, forward-thinking firms are embracing automation to revolutionize how they serve their clients and manage their internal operations. But what […]
Understanding Affected and Non-Affected Companies: Beneficial Ownership Compliance in South Africa
The introduction of Beneficial Ownership (BO) disclosure requirements by the Companies and Intellectual Property Commission (CIPC) has placed new compliance obligations on South African companies. However, not all entities are subject to the same level of scrutiny. The Companies Act, 2008, distinguishes between Affected Companies and Non-Affected Companies, and this classification determines the extent of […]
A Clean Economy Requires Clean Money: The Role of KYC and AML for South Africa’s Regulated Entities
In an economy that thrives on trust, transparency, and growth, the importance of clean money cannot be overstated. “Clean money” refers to funds that are legally earned, properly taxed, and traceable to reputable sources. When illicit funds enter the financial system, they corrupt economic stability, erode trust, and enable illegal activities. Regulated entities, particularly those […]
6 Steps to mitigate compliance risks for Non-Profit Organizations in South Africa
Non-profit organizations (NPOs) in South Africa play a crucial role in addressing social issues and supporting vulnerable communities. However, like any other sector, NPOs face various compliance risks that can undermine their effectiveness and sustainability. Managing these risks is essential to maintain public trust, secure funding, and ensure that the organization operates within the legal […]
Understanding Public Interest Score: Key Insights and Compliance Requirements
In the complex landscape of corporate governance, understanding the Public Interest Score (PIS) is crucial for any company operating within South Africa. This score determines a company’s compliance obligations and influences how it manages its regulatory responsibilities. In this article, we will break down what a Public Interest Score is, how it is calculated, and […]
Balancing Privacy and Transparency: The Debate over Trust Ownership in the Age of AML
Trusts are legal setups. They allow someone, the settlor, to transfer assets to another person, the trustee. The trustee manages the assets for beneficiaries. These legal arrangements provide flexibility, confidentiality, and control for estate planning. They also offer tax advantages. Yet, trusts pose challenges for anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. They can […]
Essential Insights: Director’s Duties in South Africa – 5 Critical Things You Must Know
Key Takeaways: Understand Your Role: Grasp the full scope of a director’s responsibilities. Act in Good Faith: Always prioritise the company’s best interests. Stay Informed: Keep up-to-date with laws and regulations. Avoid Conflicts: Disclose any potential conflicts of interest. Embrace Transparency: Maintain clear and accurate company records. The Foundation of Directorship Being a director in […]
Cybercrime and the Role of Directors
Key Takeaways What: Cybercrime is any illegal activity that involves a computer, a digital device, or a computer network. It can cause financial losses, reputational damage, legal liability, and operational disruption for businesses and their directors. Why: Cybercrime is a growing threat in South Africa, with an estimated cost of R2.2 billion in 2020. Directors […]
Understanding Personal Liability Companies in South Africa
Key Takeaways What: A personal liability company (Inc.) is a business where directors are jointly liable with the company for debts and liabilities. Why: Offers credibility, limited liability for shareholders, and perpetual succession. How: Register with CIPC, comply with legal requirements, and maintain proper records. Who: Ideal for professionals like lawyers, doctors, and accountants. Where: […]
