The Financial Intelligence Centre (FIC) is calling for comments from accountable institutions, reporting institutions, supervisory bodies and other persons on the draft Public Compliance Communication 110 (draft PCC 110).
According to the Consultation Note, the Draft PCC 110 aims to provide guidance on furthering the understanding and application of a risk-based approach (RBA) for the identification, management and mitigation of money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risk.
Draft PCC 110 –
| ● | includes suggested credible third-party resources and factors that will further assist accountable institutions in determining the ML/TF/PF risk in relation to geographic areas; |
| ● | is in response to many requests from accountable institutions for a list against which ML/TF/PF risk in relation to geographic areas can be determined; |
| ● | aims to further address the misconception that ML/TF/PF is linked to a geographic area, in and of itself, rather than to the kinds of activities connected to a geographic area; |
| ● | seeks to provide clarity on what is meant by geographic areas and the associated ML/TF/PF risks; and |
| ● | seeks to assist accountable institutions in the understanding and application of their risk framework. |
Comments on the draft PCC 110 must reach the FIC by no later than Friday, 27 November 2020 by submitting written comments via the online submission link only. For any other queries, please contact the FIC’s Compliance Contact Centre on 012 641 6000, select option 1, or submit a web query by clicking on: http://www.fic.gov.za/ContactUs/Pages/ComplianceQueries.aspx.
