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.
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
This applies to legal practitioners, company and trust service providers, estate agents, and casinos.
Any business that fails to report ‘suspicious and unusual transactions’ faces harsh penalties.
About R19 million will be forfeit to the state unless exclusion applications are upheld.
A ‘high-value goods dealer’ means any business that sells goods with a price tag of R100 000 or more.
A deeper look at what accountable institutions must do to comply with the Financial Intelligence Centre’s directive.
Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.
How accountable institutions must apply the SA Reserve Bank’s directive of 2022.
They must also check whether prospective and current employees are the subject of United Nations sanctions.
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
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Companies will have to file information with the CIPC about the natural persons who are the beneficial owners of the company.
Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.
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Treasury expects grey-listing will have ‘a limited impact’ on financial stability and the costs of doing business with South Africa.
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