The FIC Amendment Bill is currently with the President for approval and signature. The amendments to Schedules 1, 2 and 3 of the Financial Intelligence Centre Act, 2001 (FICA) are also being reviewed as part of the review process of the Act. The amendment of the Schedules to the FIC Act will broaden the application of the Act by including additional categories of institutions and business types as part of its scope. This will assist the FIC’s ability to obtain information of the identities and financial activities of customers from a broader range of institutions.
The FIC will initiate a discussion process with businesses and institutions that perform activities which are currently outside the scope of the Act, in order to include them in Schedule 1 of the Act. Some of these activities are:
- Professional accountants
- Persons who provide trust and/or company services
- Dealers in high value goods (including, amongst others, precious metals and stones, motor vehicles and coins)
- Short-term insurers as defined in the Short-Term Insurance Act, 1998
Click here to see the full list of business activities which are being considered to be included, as well as the process to engage with the FIC on the matter.