Crucial deadline for accountable institutions supervised by the FIC

All accountable institutions supervised by the Financial Intelligence Centre (FIC) must submit a copy of their Risk Management and Compliance Programme (RMCP) to the Centre by close of business on Wednesday, 12 March.

The FIC published a notice on its website on Tuesday (4 March) stating that the accountable institutions it supervises will receive a letter instructing them to submit their RMCP.

The accountable institutions affected by the request are:

• Legal practitioners (item 1)
• Trust and company service providers, including accountants (item 2)
• Estate agents (item 3)
• Licensed gambling institutions, including casinos (item 9)
• Credit providers (item 11)
• SA Postbank (item 14)
• High-value goods dealers (item 20)
• SA Mint Company (Pty) Ltd (item 21)
• Crypto asset service providers (item 22)

Note that the request does not apply to financial services providers (item 12), which are supervised by the FSCA. (The Authority also supervises authorised users of an exchange and collective investment scheme managers.)

Accountable institutions must submit their RMCP using the FIC’s goAML web platform. The letter includes instructions on how to do this.

Accountable institutions that receive the letter should check the goAML message board daily and respond to the FIC’s request.

Failing to submit the RMCP by the deadline will constitute non-compliance and may result in administrative sanctions, including a fine.

Help with FICA compliance

Moonstone Compliance offers compliance, consulting, and training options for accountable institutions of all types and sizes to help them meet the requirements of FICA.

Moonstone Compliance provides a wide range of services, from providing documentation to implementing a full compliance framework. You can select a combination of services and have them customised according to your needs.

Click here to read more about Moonstone Compliance’s suite of FICA services or submit an online enquiry.