The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and 2 October respectively.
If you are an accountable institution, and did not receive this document, we suggest you contact the FIC to make sure your details are up to date.
The Roadmap document (access here) provides details on dates on which the specific sections in the FIC Amendment Act come into operation.
Guidance Note 7 on the implementation of various aspects of the new provisions of the FIC Act on 2 October 2017 was published earlier to assist accountable institutions. Click here to access the guidance note.
Some of the sections that came into operation on 2 October 2017 relate to the following:
- Customer due diligence measures
- Recordkeeping requirements
- Risk Management and Compliance programme
- Governance and training
This questionnaire aims to establish the readiness of your institution to comply with the new requirements of the FIC Amendment Act. Commentators are encouraged to complete the questionnaire to inform the FIC and supervisory bodies of possible obstacles the institutions face or anticipate in complying with the new requirements.
Click here to access and complete the questionnaire. Submissions will be received until close of business on 27 October 2017. The FIC can be contacted for further information on 012 641 6000.
Institutions will not be prejudiced or penalised for views expressed in response to the questionnaire.