Having just returned from the Financial Intelligence Centre’s Road Show for accountable and reporting institutions in Cape Town, I can confirm that there is enough time before you have to report transactions and activities to the FIC in terms of the ‘new’ guidelines. For now it’s business as usual and we keep on doing what we have done for years.
This being said, in terms of the FIC Act, you were required to register with FIC and receive your ORG ID on the goAML reporting platform. Failure to register is an offence and subject to a fine not exceeding R10 million or imprisonment for a period of up to 5 years. The FIC may also, in terms of section 45C (1) of the FIC Act, impose an administrative sanction for a failure to comply with any provision of the FIC Act, including a failure to register. If you have not already registered, please do so immediately on www.fic.gov.za
We have received numerous enquiries in respect of the new guidelines from the FIC and many agents are concerned about the implementation dates and deadlines etc.
Read moreREBOSA 25 OCTOBER 2017 REPORT