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TRUST AND COMPANY SERVICE PROVIDERS: FIC ISSUES COMPLIANCE COMMUNICATION
- 21 August 2023
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre (FIC) has issued a public compliance communication providing guidance on the interpretation of what is meant by the term ‘trust and company service providers’. This is noting that these service providers are feature in the amended Schedule 1 (accountable institutions) of the FIC Act, 2001, which came into effect on 19 December 2022.
According to an accompanying FIC notice, shortly before the amended schedule came into force a draft communication was released for stakeholder input. ‘Where appropriate’, the comments received were then incorporated in what is now the final version.
An introductory summary of the communication itself notes that, regardless of professional accreditation, trust and company service providers ‘are vulnerable to abuse by entities seeking to misuse corporate structures to facilitate the movement of illicit funds’.
With that in mind, the communication unpacks ‘listed money laundering, terrorist financing and proliferation financing risk indicators’ to be considered by trust and company service providers during the course of their work.
- communication
- FIC notice
Published by SA Legal Academy Policy Watch