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FIC Registration Turmoil

The alarm bells went off just after 8 am last Thursday as we started getting frantic calls from compliance officers about ORG Number notification emails sent to FSPs with instructions how to verify their details.

The clincher was the bit that read:

“Please ensure that you complete the process before 17h00 on Friday 22 April 2016 as the goAML system goes live on Monday, 25 April 2016.”

The ensuing stampede led to the system becoming unstable, FIC call centres being inaccessible due to traffic, and email queries obviously having to join growing queues.

By the close of business on Thursday we were able to convey detailed information to our Compliance and Protector clients on how to ensure registration.

Directive 04/2016, published on 4 March 2016, decrees:

“The updating of registration related information must commence at 08H00, on Wednesday, 30 March 2016 and be completed by 17H00 on Friday, 22 April 2016.”

Taking into account that this exercise involves every accountable and reporting institution in the country (not only the financial services industry) it is unlikely that steps will be taken against those unable to comply with the Friday deadline. We do advise affected parties to attend to this as soon as possible, though.

Also, late on Friday, the FIC published a document titled Frequently Asked Questions – Updating user details and acquiring access to the NEW FIC registration and reporting platform.

The expression “rather late than never” comes to mind.

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