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.
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.
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.
This applies to legal practitioners, company and trust service providers, estate agents, and casinos.
There are different deadlines, depending on whether the entity became an accountable institution before or after December 2022.
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 […]
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 […]