FICA registration for new Accountable Institutions
A reminder, that all new entities and business activities that fall within the amended, widened scope of Schedule 1 must register as an accountable institution with the Financial Intelligence Centre and take steps to comply with the applicable FICA requirements. The amendments to the FICA Schedules came into effect on 19 December 2022. Click here to read more.
FICA amendments
Accountable institutions are reminded of the amendments to the FIC Act that came into effect on 31 December 2022. A reminder, if not already done, to:
- Update: Accountable institutions must update your RMCP to align to the new requirements.
- Approve: Any updates to the RMCP must be approved by the board, senior management or person with the highest authority. Maintain version control of updated versions and evidence of approval.
- Train: Employee training must be conducted on the RMCP including any updates to the RMCP, and evidence kept of same.