Banking Association ‘relieved’ FICA finally signed into law

29 April 2017 - 14:03
By TMG Digital
Cas Coovadia. File photo
Image: Robert Tshabalala Cas Coovadia. File photo

The Banking Association of SA (BASA) says it is relieved that President Jacob Zuma has finally signed the Financial Intelligence Centre Amendment (FICA) bill into law.

BASA MD Cas Coovadia said on Saturday that the association had been urging the president to sign the Bill for a number of months and that it was a pity that a stage had been reached where the intergovernmental body on money laundering‚ the Financial Action Task Force (FATF) had had to warn the country it would be delinquent if it did not sign by June.

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“The signing of the Bill ensures banks in SA remain at the cutting edge of global best practice and we are able to identify and deal with money laundering‚ terrorism financing and other such activities.

“The signing also enables a risk-based approach to combating these activities‚ so that bank clients who are less susceptible to such activities will be subject to lighter touch regulation and those significantly susceptible to such activities will be subject to stronger oversight‚” Coovadia said.