Purpose
The FIC aims to establish the degree of risk awareness amongst accountable institutions, as well as the extent of compliance with FICA obligations.
Applicable Legislation
DIRECTIVE 06/2023 | Submission of a risk and compliance return to the Financial Intelligence Centre by specified accountable institutions that are designated non-financial businesses and professions |
DIRECTIVE 07/2023 | Submission of a risk and compliance return to the Financial Intelligence Centre by specified accountable institutions |
Target
These directives apply to the following accountable institutions in schedule 1 of the FIC Act:
| Directive 6 |
Designated non-financial businesses and professions |
|---|
| Legal practitioners |
| Trusted administrators |
| Estate agents |
| Licensed gambling facilities |
| Directive 7 |
Specified Accountable Institutions |
|---|
| Credit providers |
| The South African Postbank Limited |
| High-value goods dealers |
| The South African Mint Company (RF) (Pty) Ltd |
| Crypto asset service providers |
Statutory Requirement
An accountable institution must access the online RCR directly via a link as made available on the FIC website and answer all questions in the automated return based on its understanding of its existing ML, TF and PF risks and its implementation of risk-based FICA Compliance controls.
Entity Types | Reporting Period | Submission deadline | |
|---|---|---|---|
| Directive 6 | Designated non-financial businesses and professions | 1 April 2022 to 31 March 2023 | 17:00 Wednesday, 31 May 2023 |
| Directive 7 | Specified Accountable Institutions | 1 January 2023 to 30 June 2023 | 17:00 Monday, 31 July 2023 |
Non-compliance
Failure to submit the RCR before the submission deadline is considered non-compliance with directives 6 and 7 respectively and may result in an administrative sanction in accordance with section 62E read with section 43A(3) of the FIC Act.
Summary
Specified accountable institutions must complete and submit their Risk and Compliance Returns through the FIC online facility before the specified deadline.