Financial Intelligence Centre Act – Page 3 – Moonstone Information Refinery

Video interview: New mutual insurer enters the market

There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.

Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.

Three things to note when it comes to customer due diligence and assessing money laundering and terrorist financing risk.

The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.

New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.

Among other things, trustees are obliged to keep adequate records in relation to beneficial ownership.

The workshop will focus on identifying, monitoring, mitigating and managing risks.

The recent findings against prominent legal persona might be a timely warning for the financial services industry to take preventative action.

Finance minister sets the threshold above which transfers must be reported to the FIC.

The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.

Proclamation Notice sets the commencement dates for the sections that amend five Acts of Parliament.

An accountable institution should ask only for personal information that is necessary to achieve the purposes of Fica.

Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.

It will apply to estate agents, attorneys and trust practitioners, among others.

Anyone registered as an estate agent before February 2022 will remain an accountable institution.

No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs

Period within which cash transactions must be reported is also extended