On 19 September, The FIC sent a notice to Financial Services Providers (FSPs) who had not yet confirmed their registration details in terms of section 43B of the Financial Intelligence Centre Act, No. 38 of 2001 (the FIC Act), as amended. This applies specifically to FSPs who submitted their registration details prior to 01 December 2010. They were not officially registered, but only acquired login credentials for reporting purposes. These FSPs are urgently reminded to confirm their details to be regarded as successfully registered with the Centre, if they have not done so as yet.
“…institutions that have not confirmed their registration details that were submitted prior to 01 December 2010 are not regarded as registered with the Centre, and are therefore in contravention of section 43B of the FIC Act.” Click here to read the full notice, which also contains log in details.
Brokers that I spoke to, experienced problems performing the online updating. Our compliance division advised that the FIC telephone lines are currently very busy, and it is difficult to get through to the FIC via that medium.
Do you need to register?
An article received from the FIC provides the following guidelines:
All FSPs (with the exclusion of FSPs only registered to provide advisory and intermediary services in respect of short-term insurance and/or health service benefits) must register with the Financial Intelligence Centre (the FIC) in terms of the Financial Intelligence Centre Act, No. 38 of 2001, as amended (the FIC Act).
Registration commenced on 01 December 2010 and all FSPs had to be registered by 01 March 2011.
Please click here to read the article on registration written by the FIC.
On 10 October, the FSB will host a telematic broadcast, aimed specifically at affected FGSPs and compliance officers to advise them of new developments and updates. As usual, we shall make this available on DVD within a day or two after the broadcast.