FIC issues guidance for trust and company service providers
Persons who are trustees in their personal capacity only are not accountable institutions.
Persons who are trustees in their personal capacity only are not accountable institutions.
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
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.
A ‘high-value goods dealer’ means any business that sells goods with a price tag of R100 000 or more.
Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.
Centre urges new accountable institutions to register, even if they missed the deadline, to avoid non-compliance with Fica.
It will apply to estate agents, attorneys and trust practitioners, among others.