The FIC has published two Directives, namely Directive 6 of 2023 and Directive 7 of 2023, which requires specified accountable institutions to submit a risk and compliance return on an annual basis to the FIC. The return contains information regarding the accountable institution’s understanding of money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks and its assessment of compliance with obligations in terms of the FIC Act.
Directive 6 applies to:
- Item 1 – Legal Practitioners
- Item 2 – Trust and Company Service Providers
- Item 3 – Estate Agents
- Item 9 – Gambling sector
The risk and compliance return for these accountable institutions covers the reporting period from 1 April 2022 to 31 March 2023, both dates inclusive. The deadline for submission to the FIC is 17h00, 31 May 2023.
The risk and compliance return can be accessed here: FIC Risk Compliance Return – Directive 6
Directive 7 applies to:
- Item 11 – Credit Providers
- Item 14 – The South African Postbank Limited
- Item 20 – High Value Goods Dealers
- Item 21 – The South African Mint Company
- Item 22 – Crypto Asset Service Providers
The risk and compliance return for these accountable institutions covers the reporting period from 1 January 2023 to 30 June 2023, both dates inclusive. The deadline for submission to the FIC is 17h00, 31 July 2023.
The risk and compliance return can be accessed here: FIC Risk Compliance Return – Directive 7
Definitions
Schedule 1 of FICA contains specific definitions of all the Items listed above, click here for the full wording of the various accountable institutions as listed in Schedule 1.