Big changes for finance laws in South Africa – including tighter regulation for estate agents, casinos and crypto

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Finance Minister Enoch Godongowan has amended the Financial Intelligence Centre Act having serious knock-on effects on business practices in South Africa.

Gambling institutions.

KPMG noted that certain small amendments to specific pieces of key legislation could have knock-on effects on day-to-day business. The centre said that these types of assessments mental implementing a risk-based approach to combating money laundering and terrorist financing.The new amendments include high-value goods dealers as a category of accountable institutions. These high-value goods dealers include those who do business with valuable motor vehicles or Kruger rands.

 

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