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Tag Archives | FIC

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Suspicious and unusual transactions reporting – FIC releases updated guidance note

After a successful consultation process, the Financial Intelligence Centre has updated its guidance on suspicious and unusual transaction reporting, which relates to section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). Guidance Note 4B (GN4B), informs accountable and reporting institutions, and any other person as described in the FIC Act on meeting […]

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CPD

FIC Amendment Act Readiness Test

The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and 2 October respectively. If you are an accountable institution, and did not receive this document, we suggest you contact the FIC to make […]

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Malusi Gigaba

Minister signs FIC Amendments

On 15 June 2017, the Minister of Finance announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). There are two important dates for affected parties to note: 13 June 2017 The first set of provisions commenced on this date. These provisions do not require […]

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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 […]

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moonstone-RDR-Update

FIC Update

Registration Guidelines on Youtube The Financial Intelligence Centre created a Youtube channel containing videos on registering on the goAML system. They currently detail: The documents required Process for Entities already registered with the FIC Process for Entities registering with the FIC for the first time Please click here to access the Youtube page. The National […]

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guidelines

FIC Guidelines

The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which was announced by the Minister of Finance during the 2016 Budget Speech. Accountable institutions assisting clients in making use of the 2016 […]

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loud-hailer

New Financial Intelligence Centre Notices

The FIC published two new notices on 25 April: Notice 1: “The FIC is in the process of validating the applications of those registrants who have applied for access and to whom the FIC supplied an Org ID. No further action is required from these registrants and they should await a status update email communication […]

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Registration

FIC Registration Turmoil

The alarm bells went off just after 8 am last Thursday as we started getting frantic calls from compliance officers about ORG Number notification emails sent to FSPs with instructions how to verify their details. The clincher was the bit that read: “Please ensure that you complete the process before 17h00 on Friday 22 April 2016 as […]

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FICA and your FSB Licence

I recently spoke to a broker in the North-West Province who only conducts short-term business, but is also licenced for several other categories. This is quite common – many of those who applied to the FSB for accreditation in the earlier years added as many other products as they qualified for, in case they decided […]

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New Financial Intelligence Centre Directives

The FIC issued two new directives applicable to all accountable and reporting institutions: Directive 1 stipulates that “All institutions registered with the FIC are required to update their registration details only via the FIC’s electronic registration platform.” Directive 2 requires that “…login credentials may only be used by the person who originally registered them on […]

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