6 practical FICA compliance training tips for financial institutions

EARLIER in November 2025, the South African Reserve Bank announced that it would impose administrative sanctions on two finance companies for failing to comply with the Financial Intelligence Centre Act (FICA).

- SAMEER KUMANDAN

The greater of the two penalties, a R3 million fine, was imposed on Discovery Bank for failing to report 24 suspicious transactions on time. The other case saw eZI Remit (formerly Ezaga Remit (Pty) Limited) getting a warning for weaknesses in its FICA-related control measures. In both instances, the companies were reprimanded because their staff weren't given adequate FICA compliance training.

In the case of Discovery Bank, it was highlighted that 84 out of 155 new employees had not received training within 30 days of being appointed; 47 out of 109 of its employees had not received annual refresher training within a period of a year; and two out of six of its senior management had not received training within 30 days of being appointed.If anything, these two cases are a clear signal of South Africa's tightening stance on financial crime.

These incidents also showcase that accountable institutions must see people as the frontline of defence.Below are six practical, actionable training tips and tricks for accountable institutions to ensure that teams understand the law and that compliant behaviour is embedded into daily operations.

#1 Design your training thoughtfully