Secondary

Financial Intelligence Centre Directive 01/2013

A recent request from the FIC contained a request for all accountable and reporting institutions to ensure that their records at the Centre are up to date and accurate. The actual directive spelling out the details was rather difficult to read, as an incorrect link was attached to the request.

Essentially, the following guidelines have to be followed when updating your records after 29 October 2013:

2.1 All registered accountable and reporting institutions must update their registration details on the internet-based reporting portal referred to in Regulation 27A (4) of the Money Laundering and Terrorist Financing Control Regulations.

2.2 Registered accountable and reporting institutions should not provide the Centre with a letter or other form of communication to give effect to the updating of registration details as required in section 43B (4) of the FIC Act.

2.3 Registered accountable and reporting institutions should not provide the Centre with any form of correspondence requesting the Centre to change its registered information.

2.4 Registered accountable and reporting institutions should update their registration details by using the username and password (log-in credentials) selected during the registration process.

2.5 All changes would need to be confirmed by the validator before it becomes effective.

For details of who is required to register as an accountable or reporting institution, please read our previous article: FIC Request for Information Update.

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