FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
#Schedule 1
TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
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.
Wide range of non-financial businesses now have Fica obligations
A ‘high-value goods dealer’ means any business that sells goods with a price tag of R100 000 or more.
‘New’ and ‘old’ accountable institutions must comply with the provisions of Fica
Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.
New accountable institutions face hefty fines for failing to register with FIC
Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.
FIC proposes annual risk and compliance return for some accountable institutions
It will apply to estate agents, attorneys and trust practitioners, among others.
