Dear SAIS Member

Please take note of the following industry updates:

Financial Action Task Force (FATF)
FATF released a document on COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses. Click here to download this document from the FATF website.

A webinar will be held today, Thursday 7 May 2020, at 15h00 (13h00 GMT) detailing the findings of this new paper. Two of the report’s authors, FATF policy analysts Kristen Alma and Shana Krishnan, will highlight key research findings and recommendations to help FATF member countries, partners and private stakeholders better understand the emerging financial threats.
Attendees will be able to submit questions in advance or during the webinar. To submit a question in advance please email: The webinar will be recorded and the recording will be made available on the FATF website following the webinar.  
To register for the webinar, please click the link below:

SARB - Joint Communication
Please note that the Prudential Authority, FSCA and FIC released a joint communication 2A.
This communication provides a revised and updated time frame to certain dates stipulated in the prior Joint Communication 2 of 2020 1 issued on 21 April 2020, given the recent developments and announcements by the President during this Covid-19 (Coronavirus) lockdown period.



SAIS would like gain more insight into certain industry practices. Your feedback will be highly appreciated.
1. Have you registered:
  as a Reporting Model I FFI i.e. one GIIN number 
  as a Sponsored Entity, with the Sponsoring Entity being the nominee company who is the true custody holder?
2. FICA - What is your approach with regard to FIC PCC46 – Guidance on the Commencement and Enforcement of the Financial Intelligence Centre Act 2001 (ACT 38 of 2001) as amended by the Financial Intelligence Centre Amendment Act, 2017 (ACT 1 of 2017) ?

3. What is your firm's approach to the COVID- Supervisory Approach as per Joint communication 2 of 2020?