Accountable institutions face being fined for not submitting their risk and compliance returns
The Financial Intelligence Centre sets a deadline for the many entities that have not complied with Directive 6.
Accountable Institutions
An accountable institution must register with the FIC to submit a risk and compliance return
How to submit information accurately to the Financial Intelligence Centre in respect of Directives 6 and 7.
Draft amendments on information-sharing between accountable institutions published
Information-sharing must be done in accordance with FICA and POPIA and governed by a written agreement.
Non-financial businesses ‘a key priority area’ for Financial Intelligence Centre
The FIC’s intelligence reports contributed to the recovery of more than R5.8bn in criminal proceeds in 2022/23.
FIC issues ‘final demand’ to accountable institutions to comply with Directive 6
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
Reminder of 31 July deadline to submit a return to the FIC
This applies to some of the persons who became accountable institutions in terms of the amendments to Schedule 1 of Fica.
New do-it-yourself FICA compliance solution for accountable institutions
The FICA Toolkit is ideal for accountable institutions that have recently initiated their FICA compliance programmes or have relatively simple products and distribution channels.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Reminder of 31 May deadline to submit a return to the FIC
This applies to legal practitioners, company and trust service providers, estate agents, and casinos.
Fica employee screening must take account of labour laws and Popia
A deeper look at what accountable institutions must do to comply with the Financial Intelligence Centre’s directive.
‘New’ and ‘old’ accountable institutions must comply with the provisions of Fica
Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.
Trustees are in contravention of beneficial ownership regulations, says FISA
Trustees cannot be expected to have all the information within a few hours of the gazetting of the final regulations, it says.
FIC issues employee screening directive to accountable institutions
They must also check whether prospective and current employees are the subject of United Nations sanctions.
Certain accountable institutions must complete risk and compliance returns
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
