The Financial Intelligence Centre (FIC) will host another free webinar that explains how accountable institutions must complete the risk and compliance returns (RCRs) that were due last year.
Registrations for the FIC’s webinar on 19 February on how to complete and submit the RCRs exceeded capacity, so the Centre will host the webinar again, tomorrow (27 February).
The webinar will be on Microsoft Teams between 10am and 12pm.
Click here to register for the webinar.
Directives 6 and 7, issued by the FIC last year, require certain accountable institutions to submit information about their understanding of money laundering, terrorist financing, and proliferation financing through an RCR.
Directive 6 applies to legal practitioners, trust company and service providers, estate agents, and gambling institutions.
Directive 7 applies to credit providers, high-value goods dealers, the SA Mint, the SA Post Office, and crypto asset service providers.
The information obtained through the RCRs is critical in enhancing the FIC’s risk-based supervision capability. Failure to submit the RCR can result in administrative sanctions.
The FIC urges all relevant accountable institutions that have not yet done so to submit their outstanding RCRs for 2023.
Click on this link to submit the RCR.
Separate RCRs must be submitted for each organisational identity number (Org ID) held by an accountable institution. This requirement applies to entities with branch networks, and entities that offer multiple offerings across the items in Schedule 1 of the Financial Intelligence Centre Act (FICA).
Designated non-financial businesses and professions included as accountable institutions in terms of Schedule 1 must ensure they are registered with the FIC before they can meet their regulatory requirements, which include submitting the RCR.
Registration is free and must be completed electronically using goAML, the FIC’s online registration and reporting system.
The FIC will verify the information supplied and will either approve or reject the registration. The reasons rejecting a registration will be communicated to the email address provided during registration.
As part of the registration process, supporting documentation must be provided, including a certified identity document and an authorisation letter on the accountable institution’s letterhead.
An institution must register an entity profile to generate an organisational identity number (Org ID) before it can register a compliance officer or money laundering reporting officer who will be responsible for fulfilling the entity’s FICA obligations.
Persons are not permitted to share user credentials on goAML. All users that are required to report on goAML must each register their own profile, as detailed in the FIC’s Directive 2.
For more information and guidance on how to register, refer to the goAML registration guide, as well as Public Compliance Communication 5D.
Failure to register with the FIC or update registration information when there has been a change in the institution’s details is non-compliance in terms of section 61A of FICA.
