Certain accountable institutions must complete risk and compliance returns
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreThere are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.
The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.
New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.
The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.
An accountable institution should ask only for personal information that is necessary to achieve the purposes of Fica.
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
It will apply to estate agents, attorneys and trust practitioners, among others.
Anyone registered as an estate agent before February 2022 will remain an accountable institution.
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions […]
The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of […]
The recent Supreme Court of Appeal (SCA) case of Nedbank Limited v Houtbosplaas (Pty) Ltd and Another raises interesting considerations for accountable institutions aiming to comply with their obligations under the Financial Intelligence […]