FICA Risk and Compliance Return (RCR) – Directive 11 of 2026
Expert support for accurate RCR submission
Masthead assists accountable institutions with the accurate and timely submission of their Risk and Compliance Returns (RCRs), ensuring alignment with Directive 11 of 2026.
If your business is required to submit an RCR, understanding your deadline and preparing early is essential to avoid compliance risks.
The Financial Intelligence Centre (FIC) requires certain accountable institutions to submit an RCR as part of its risk-based supervisory approach.
Directive 11 came into effect on 1 April 2026, with submissions commencing on 4 May 2026.
The RCR evaluates a business’s risk exposure to money laundering, terrorist financing and proliferation financing (ML/TF/PF), as well as the effectiveness of its FICA compliance framework.
What is the FICA RCR?
The RCR is a comprehensive self-assessment questionnaire that requires accountable institutions to evaluate and report on:
Their understanding of money laundering, terrorist financing and proliferation financing (ML/TF/PF) risks; and
The effectiveness of their risk-based compliance controls.
The RCR covers key areas such as risk management frameworks, client due diligence, reporting obligations and governance structures.
It is not merely a reporting exercise, but a reflection of how effectively your compliance framework is implemented in practice.
Who must submit an RCR?
Directive 11 applies to specified accountable institutions listed in Schedule 1 to the FIC Act. These institutions are required to submit a RCR in accordance with the Directive.
To determine your applicable deadline, refer to the grouped categories below.
Submission deadlines
The submission period opened on 4 May 2026, and submission must be completed electronically via the FIC’s online reporting platform.
The deadlines differ depending on the type of accountable institution:
Submit by 30 June 2026
Trust and company service providers
Crypto asset service providers (CASPs)
Credit providers (excluding banks)
Gambling institutions (casinos)
South African Postbank
South African Mint Company
Early preparation is essential due to the earlier submission deadline.
Submit by 31 July 2026
High-value goods dealers
Legal practitioners
Estate and property practitioners
Non-casino gambling institutions
Start early to ensure your submission is complete and aligned to your RMCP.
Watch: Understanding your FICA RCR Obligations and Deadlines
Watch the video below for a practical overview of Directive 11 requirements and how Masthead can assist.
Reporting period
The reporting period for the 2026 RCR depends on the category of accountable institution.
Depending on your category, your reporting period will be either:
1 April 2023 to 31 March 2026, or
1 July 2023 to 31 March 2026
This is determined based on how your business is classified under Schedule 1 of the FIC Act.
Need help determining your deadline or completing your RCR?
Consequences of non-compliance
Failure to submit an RCR in accordance with Directive 11 constitutes non-compliance and may result in regulatory scrutiny and administrative sanctions in terms of the FIC Act.
How we can help with preparing for and submitting your FICA RCR
Preparing and submitting an RCR requires a clear understanding of your risk environment and the ability to align your responses with your Risk Management and Compliance Programme (RMCP).
Masthead provides practical, hands-on support to help you meet Directive 11 requirements accurately and on time.
Expert consultation – Guidance on interpreting Directive 11 and identifying what applies to your business
Accurate completion – Assisting in completing the return correctly, ensuring it reflects your risk assessment and compliance status
Gap identification – Highlighting inconsistencies between your RMCP and actual practices before submission
Why Choose Masthead?
Proven compliance expertise – Deep understanding of FICA and regulatory reporting requirements.
Practical, tailored assistance – Aligned to your business and risk profile
Confidence at submission – Reduce errors and ensure your RCR is audit-ready
Avoid last-minute pressure and reduce the risk of errors.
WHO ARE WE
Established in 2004, Masthead (Pty) Ltd offers nationwide compliance and business support to independent financial advisors, corporate FSPs, credit providers, legal and property practitioners, and others. We help our clients navigate key regulations like FAIS, FICA, POPIA, and the National Credit Act. With a team of experts, we provide practical solutions across compliance, practice management, and business development to help businesses stay compliant and thrive.
Masthead (Pty) Ltd is part of the Masthead Group, alongside Masthead Financial Planning (Pty) Ltd – a licensed FSP dedicated to supporting financial advisors with streamlined operational and regulatory solutions.
Joleen is a seasoned professional with over 22 years of working experience across a range of industries. She started her career in Corporate Finance within the IT and engineering sector and moved into the financial services sector in 2005. As the Head of Marketing Finance at Discovery Holdings she was responsible for the finance function of the distribution channels and marketing.
Joleen’s move to Old Mutual in 2011 gained her experience in strategy as part of the Personal Finance: Broker Distribution and Franchise executives. This included the management of the Old Mutual Black Distributors Fund. Key to managing this function was a comprehensive understanding of the regulatory impacts on financial advisors and the operational aspects that affect FSPs and tied advisors.
Beyond general management, Joleen specialises in strategy development, business advisory, distribution management and economics and is well-versed in organisational development areas like diversity, team formation and performance management. Joleen has a BCom Accounting undergraduate degree from Witwatersrand University and an MBA from the UCT Graduate School of Business.
Close
LAURENCE MULLER
Finance Director & Chief Operating Officer
Laurence joined Masthead as Head of Finance in 2007. Two years later he was appointed to his current position as Financial Director and has since served as a director on the Masthead board. During 2021 he was also appointed as COO.
Laurence has a BAcc and BCompt Honours degree and is a Chartered Accountant (CA(SA)). He holds a Post Graduate Diploma in Financial Planning through the University of Stellenbosch Business School and is a Certified Financial Planner (CFP) and member of the Financial Planning Institute (FPI). He has also successfully completed the FSCA’s RE 1 and 5 Examinations.
Close
ANRI DIPPENAAR
Head of Compliance
Anri has a wealth of experience having been involved in the financial services industry since 2012. From 2014 to 2017, she worked at Masthead as a Compliance Officer.
Anri then moved into the corporate space where she held various compliance roles such as Group Compliance Monitoring Manager, Group Compliance Specialist and most recently as a Senior Group Compliance Manager before returning to Masthead as the Head of Compliance.
Anri has an LLB degree and completed her Master’s degree in Insurance Law. She also completed the Senior Management Development (Advanced Peak Performance Programme (APPP) through GIBS.
Close
SHERLENE NEETHLING
Head of Operations
Sherlene has more than 25 years’ experience in Financial Services having worked in the Employee Benefits, Linked Product and Life Assurance environments prior to joining Masthead in 2006.
Sherlene has a wealth of experience having worked in many areas including, product marketing, traditional marketing, and operations. As Head of Operations at Masthead, she leads the IT, marketing, operations and learning centre teams.
Sherlene has a marketing qualification and a Certificate in Journalism.
Close
ANDRIA HIBBERT
Head of Corporate Accounts and Regional Manager
Andria has been in the financial industry for more than 33 years having worked in banks and insurance companies. She joined Old Mutual Broker Distribution in 1995 as an Admin Manager in Durban and later joined Masthead when they opened their doors in October 2004 as the Regional Services Manager for KwaZulu-Natal. Five years later she was appointed as the Regional Manager in KwaZulu-Natal and in 2014 she was transferred to Johannesburg as the Regional Manager.
In 2020, she took on the additional role of National Key Account Manager and was responsible for managing all Corporate Accounts. In 2022, Andria was promoted to Head of Corporate Accounts and transferred to the Western Cape as Regional Manager.
Andria has a BCom in Industrial Psychology degree. She is also a registered Compliance Officer with the FSCA for CAT I, II, IIA, and IV and has successfully completed the FSCA’s RE 1 and RE 3 Examinations.
Close
MAQBOOL SONDAY
Head of Finance
Maqbool joined Masthead as a Financial Accountant in 2008. Seven years later he was appointed as Finance Manager and then appointed to his current position as Head of Finance in 2022.
Maqbool has a BCom Accounting degree from the University of the Western Cape. From 2003 and 2005, he completed his articles at SizweNtsalubaVSP and in 2006 he went on to complete his BCom Honours degree from the University of KwaZulu-Natal.
Close
HEIDI DE LANGE
Regional Manager and Compliance Officer
Heidi has more than 33 years’ experience in the financial services industry. In 2004, she moved from Old Mutual to Masthead as a Regional Service Manager. Nine years later she was appointed as Regional Manager of the Gauteng North, Limpopo and Mpumalanga region and went on to become a Compliance Officer to complement the management offering.
Heidi has a BCom Entrepreneurs degree from Unisa and she is approved as a CAT I and CAT II Compliance Officer. She has also successfully passed all the FSCA’s Regulatory Examinations.
