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.
designated non-financial businesses and professions
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.
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.
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.
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.
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.
FIC publishes risk management and compliance programme guide for smaller non-financial entities
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
Inadequate money laundering risk management exposes businesses to criminal exploitation
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force […]
