The Financial Intelligence Centre (FIC) has published an Issue Paper on guidance required to implement the FIC Amendment Act of 2016. The Issue Paper has been released in consultation with National Treasury, the South African Reserve Bank and the Financial Services Board.
The Issue Paper provides clarity on the Amendment Bill and is meant to assist accountable institutions, such as FSPs, with the changes the amendment will bring. It is therefore important that FSPs read and fully understand the requirements as all accountable institutions will be required to change their identification and verification processes to be compliant with the Bill when it becomes effective.
The purpose of the Issue Paper is to encourage feedback on aspects where accountable institutions will require guidance when the amendments take effect.
The online commentary period opens on 1 September 2016 and closes on 19 September 2016.
Masthead will provide comment to the FSB on the focus areas discussed in the Issue Paper and will keep you up to date with further developments.