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.
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An accountable institution must register with the FIC to submit a risk and compliance return
How to submit information accurately to the Financial Intelligence Centre in respect of Directives 6 and 7.
FIC issues ‘final demand’ to accountable institutions to comply with Directive 6
The applicable designated non-financial businesses and professions that do not submit a risk and compliance return face administrative sanctions.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
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.
Reminder of 31 May deadline to submit a return to the FIC
This applies to legal practitioners, company and trust service providers, estate agents, and casinos.
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.
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.
Only South Africans and permanent residents may be lawyers, Concourt rules
In a blow to foreign law graduates who have lived, studied and completed articles and pupilage in South Africa, the Constitutional Court has ruled that a section of the Legal Practice Act (LPA) […]
