The Financial Intelligence Centre (FIC) calls upon all accountable institutions to test their new FIC Registration and Reporting System which will go live in April 2016.
On 4 December 2015 the Director of FIC issued an invitation to reporting and accountable institutions to test the new system.
The new system is called “goAML” and has been designed to give FIC the ability to strengthen the regulation of its legislative activities. The system will also enable the Centre to work more closely with reporting institutions and industry stakeholders. Another benefit is that this new system will ensure that financial systems in South Africa are effective and meets the required international standards in combatting money laundering and terror financing activities.
Some benefits for users are:
- It will be easier to manage registration information.
- A standardised format for all reporting types, ranging from suspicious transaction reports to electronic funds transactions reports.
To read further benefits of the new system, click here.
The new system will go live in April 2016 and all users will be required to understand and use the system to fulfil their registration and reporting compliance obligations in terms of FICA. Masthead will keep you updated of further developments and the Compliance Officers will assist members as required.