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Debarment Overturned

Latest news from FIC

The Financial Intelligence Centre (FIC) has issued a Revised Public Compliance Communication 05B (PCC) which provides clarity to accountable and reporting institutions on their obligations of registration with the FIC.

This revised PCC clarifies the requirements for the setting up of delegation structure for those entities that have a centralised reporting structure amongst their branch network.
The FIC also advises those entities that have either de-registered, are no longer an accountable or reporting institution or who have change ownership, to advise the FIC in writing.

The FIC also issue two important new Public Compliance Communications:

PCC 37 – Obligations of Reporting Institutions in terms of FICA

The latest PCC for reporting institutions provides important insights and clarification on:

  • Registration requirements
  • Reporting requirements
  • Required information on clients
  • The FIC’s role as the supervisory body for reporting institutions.

PCC 38 – Mode of Communication regarding Sections 27, 32, 34 and 35 of FICA (Effective from 2 May 2017)

Sections 27, 32, 34 and 35 of the FIC Act provides the Centre with mechanisms to request information in relation to clients, transactions, reports as well as to intervene in certain transactions or proposed transactions.

The PCC provides clarity to institutions on how they are expected to respond to requests for information from the FIC and explains the manner in which the response to these requests must be sent to the FIC, timelines for responses and information to be included in the responses.

Queries on this and other compliance matters can be logged via the web portal. For further information visit the FIC website www.fic.gov.za or call 0860 222 200.

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