In February 2020 the Financial Intelligence Centre (FIC) published a draft Public Compliance Communication (PCC) for comment, on the commencement and enforcement of the FIC Act as amended. The comments on the draft have since been considered and incorporated into the final PCC 46 where appropriate and was published by the FIC on 30 March 2020.
PCC 46 confirms that all the obligations as brought about by the FIC Amendment Act which commenced on 2 October 2017 are effective and enforceable. Accountable institutions must demonstrate compliance with all the obligations as set out in the FIC Act, with the consequence of non-compliance resulting in possible administrative sanctions.
The FIC has a dedicated Compliance Call Centre that may assist accountable institutions to understand their obligations in terms of the FIC Act. Should you have any queries please contact the FIC’s Compliance Call Centre on 012 641 6000 and select option 1. Alternatively log an online compliance query by clicking on: http://www.fic.gov.za/ContactUs/Pages/ComplianceQueries.aspx or visiting the FIC’s website and submitting an online compliance query.
For more on the guidance on the commencement and enforcement of FICA, read our previous article.