The Financial Intelligence Centre (FIC) has published Public Compliance Communication 59, which provides accountable institutions with guidance on compliance with the beneficial ownership requirements of the Financial Intelligence Centre Act (FICA).
Click here to download PCC 59.
PCC 59 illustrates different aspects of the concept of beneficial ownership as defined in the Act, and the practical application of section 21B of FICA. This section sets out the additional due diligence measures to be performed by accountable institutions when dealing with legal persons, trusts, and partnerships. It requires accountable institutions to determine the nature of a client’s business and the client’s ownership and control structures.
The PCC has sections that provide guidance on how to establish the beneficial owners of legal persons, trusts, partnerships, and non-governmental organisations.
PCC 59 also highlights the money laundering, terrorist financing, and proliferation financing risks related to beneficial owners.
The FIC held two rounds of consultations prior to issuing PCC 59. Draft PCC 121 was published for consultation on 8 December 2023, with the deadline to comment on 16 February 2024. Draft PCC 121A was published for a second round of consultation on 14 June 2024, with due on 5 July 2024.
Comments were received from banks, financial services providers, industry associations, and consultants. The comments were considered in helping to produce the final version of the PCC.
The FIC has also published its feedback on the comments it received on draft PCC 121A.
