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MONEY LAUNDERING AND TERRORIST FINANCING: FINANCIAL INTELLIGENCE CENTRE ISSUES DIRECTIVES ON RISK AND COMPLIANCE RETURNS
- 02 April 2023
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre (FIC) has gazetted two directives on the risk and compliance returns to be submitted within specified time limits by:
- certain designated non-financial accountable businesses and professions (with the deadline set at 17:00 on 31 May 2023), and
- certain accountable institutions (with the deadline set at 17:00 on 31 July 2023).
The directives were gazetted late on Sunday 2 April 2023 and backdated to 31 March 2023, when they came into force.
Each directive specifies the categories of accountable business, profession or institution to which it applies – referring to the FIC Act’s amended Schedule 1, which came into effect on 19 December 2022.
According to a FIC notice on the new directives, stakeholder consultations took place in November and December 2022. Input is reflected in a feedback document apparently posted on the FIC website well after the directives were gazetted, with the notice.
- directive to designated non-financial businesses and professions
- directive to specified institutions
- amended Schedule 1
- notice
- consultation feedback document
Published by SA Legal Academy Policy Watch