Accountable institutions face being fined for not submitting their risk and compliance returns
The Financial Intelligence Centre sets a deadline for the many entities that have not complied with Directive 6.
The Financial Intelligence Centre sets a deadline for the many entities that have not complied with Directive 6.
How to submit information accurately to the Financial Intelligence Centre in respect of Directives 6 and 7.
Information-sharing must be done in accordance with FICA and POPIA and governed by a written agreement.
The FIC’s intelligence reports contributed to the recovery of more than R5.8bn in criminal proceeds in 2022/23.
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
Persons who are trustees in their personal capacity only are not accountable institutions.
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.
This applies to some of the persons who became accountable institutions in terms of the amendments to Schedule 1 of Fica.
The FICA Toolkit is ideal for accountable institutions that have recently initiated their FICA compliance programmes or have relatively simple products and distribution channels.
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.
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
This applies to legal practitioners, company and trust service providers, estate agents, and casinos.
A deeper look at what accountable institutions must do to comply with the Financial Intelligence Centre’s directive.
Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.
Trustees cannot be expected to have all the information within a few hours of the gazetting of the final regulations, it says.
They must also check whether prospective and current employees are the subject of United Nations sanctions.
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.