The Financial Intelligence Centre (FIC) stepped up its communication to accountable institutions last year following the amendments to Schedule 1 of the Financial Intelligence Centre Act (FICA), and one can lose track of the Public Compliance Communications (PCCs), directives, guidance notes, and reports flowing from the FIC.
I have compiled a directory of the PCCs, directives, and sector risk assessment reports issued by the FIC in the 2023 calendar year. The directory contains a brief description of each document, a link to the document and, where available, links to other communication related to it.
In December last year, the Centre hosted a two-hour webinar that provided an overview of the guidance issued by the FIC in 2023. Where applicable, the directory has a link to the webinar and indicates the time when a particular PCC, directive, or guidance was discussed, so you don’t have to watch the entire webinar to access the information you want.
The worksheets in the directory are organised as follows:
Sector-specific PCCs
In 2023, the FIC issued PCCs for crypto asset service providers, trust and company service providers, and legal practitioners. The Centre’s overview webinar discussed the PCC issued for property practitioners in November 2022, so there are links relating to this PCC.
Beneficial ownership
This worksheet refers to Draft PCC 121, on which stakeholders have until 16 February to submit comments.
Directives 6 and 7
Certain accountable institutions were required to submit risk and compliance returns last year. The deadlines for submission have passed, but the FIC has urged the accountable institutions to submit the returns.
Electronic funds transfer directive
This worksheet refers to Guidance Note 8, which explains how to comply with the South African Reserve Bank’s Directive 1 of 2022 on the processing of EFTs.
Employee screening
The FIC issued Directive 8 and PCC 55 on the requirement to screen prospective and current employees.
Financial sanctions
Among other things, this worksheet refers to Draft PCC 44A, which explains how accountable institutions scrutinise client information against the targeted financial sanctions lists and, where necessary, freeze the assets of designated persons and entities.
International Funds Transfer Reports
The FIC issued Guidance Note 9, which explains how the relevant accountable institutions must report international funds transfer transactions above the prescribed threshold to the Centre.
Registration
The FIC issued PCC 5D, which explains how accountable institutions and all businesses with reporting obligations must register with the Centre.
Sector risk assessments
The FIC issued three draft sector risk assessment reports last year, for company service providers, dealers in precious metals and stones, and accountants.
Webinars
The FIC hosted webinars to help the different accountable institutions understand their compliance obligations and on FICA compliance in general.
Hi there, it seems the link to download the directory does not work. Please kindly advise if this is perhaps an error on my side.
No, you cannot.
The link to download the directory does not work
The link has been fixed.
Thanks – very useful directory!
The link to the directory does not work – “Page not found”
The link has now been fixed.