FIC cracks down on non-compliant accountable institutions
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
The relevant accountable institutions must submit the RCRs to avoid additional scrutiny or administrative sanctions.
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.