A reminder that certain designated non-financial businesses and professions (DNFBPs) have until the end of this month to submit a return to the Financial Intelligence Centre (FIC).
As we reported in April, Directive 6 of 2023 requires four types of accountable institutions to submit a risk and compliance return to the FIC by 5pm on Wednesday, 31 May.
Read: Certain accountable institutions must complete risk and compliance returns
Directive 6 applies to the DNFBPs listed in items 1, 2, 3 and 9 of Schedule 1 to the Financial Intelligence Centre Act (Fica). This means:
- Legal practitioners (item 1);
- Company and trust service providers (item 2);
- Estate agents (item 3); and
- Gaming providers (item 9).
Click here for how Schedule 1 defines these accountable institutions.
The risk and compliance return for the abovementioned accountable institutions covers the period 1 April 2022 to 31 March 2023 (both dates inclusive).
The return requires the applicable accountable institutions to submit information to the FIC on their understanding of money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks, as well as an assessment of their compliance with their Fica obligations.
The FIC is seeking to identify the ML/TF/PF risks facing different accountable institutions.
The completion of the return is an automated process, and accountable institutions must populate the information directly using the link on the FIC’s website.
Non-submission of the return will be considered non-compliance with the directive and may result in an administrative sanction.
