The Financial Intelligence Centre issues a stern reminder to designated non-financial entities – particularly legal practitioners and estate agents – to file their overdue risk and compliance returns.
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
The firm of attorneys said its non-compliance was not intentional and was the result of a lack of awareness.
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
The FIC’s intelligence reports contributed to the recovery of more than R5.8bn in criminal proceeds in 2022/23.
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