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Power outages and FIC reports – Onus on you to prove you were powerless

Recent load shedding schedules and power outages have a huge impact on businesses. In a recent Notice, the Financial Intelligence Centre (FIC) notified financial institutions that, where institutions have a requirement to submit regulatory reports to the FIC during the periods when there are power outages, the FIC will take into consideration the situation at that given time.

“Institutions are advised to keep record of attempts to register or submit reports to the FIC during this period e.g. a screenshot or screen recording, and to submit any regulatory reports due to the FIC as soon as possible once power is restored,” FIC advised.

Will the constantly mounting pile of red tape ever decrease? Are we all being treated as criminals because the opportunity to lie or cheat exists? A sad case of over-control, in my view.

Click here to download the FIC Notice.

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