New accountable institutions face hefty fines for failing to register with FIC
Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.
Accountable Institutions
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Time is running out for new accountable institutions to register with the FIC
The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.
Latest Fica amendments: 5 key takeaways for accountable institutions
New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.
FIC publishes draft guides for new and amended accountable institutions
The Centre’s reference guide will also assist all accountable institutions with meeting their Fica compliance obligations.
How accountable institutions should meet their Fica obligations in the context of Popia
An accountable institution should ask only for personal information that is necessary to achieve the purposes of Fica.
Will your business be an accountable institution from 19 December?
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
FIC proposes annual risk and compliance return for some accountable institutions
It will apply to estate agents, attorneys and trust practitioners, among others.
FIC sets out how Schedule 1 applies to property practitioners
Anyone registered as an estate agent before February 2022 will remain an accountable institution.
FIC publishes risk management and compliance programme guide for smaller non-financial entities
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 […]
New accountable institutions will be given time to bed down Fica compliance
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 […]
Call for accountable institution amendments to exclude life insurers that provide risk policies
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 […]
FSCA wants ownership reports from certain FSPs and CIS managers
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 […]
FIC publishes draft directive on employee screening
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 […]
Fica amendment proposed to take account of Property Practitioners Act
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 […]
Fica verification: can accountable institutions ask for too much information?
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 […]
Inadequate money laundering risk management exposes businesses to criminal exploitation
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force […]
MPs insist on due process for Fica amendments aimed at avoiding grey-listing
Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the […]
