FIC Final Demand Notice for Accountable Institutions to Submit Risk and Compliance Returns (Directive 6 of 2023)
The FIC issued a Notice of final demand on 25 August 2023, reminding registered accountable institutions to submit their risk and compliance returns (RCR). Entities under Directive 6 that have not yet submitted returns are currently non-compliant and at risk of sanctions as per section 62E of the FIC Act. This FIC notice serves as a final demand to rectify this oversight.
Which accountable institutions fall under Directive 6?
If you fall under the categories listed in Schedule 1 under Items 1, 2, 3, and 9 of the Financial Intelligence Centre Act, you were mandated to submit a Risk and Compliance Return (RCR) to the FIC by 31 May 2023. The categories that need to comply with the directive are:
- Legal Practitioners
- Trust and Company Service Providers
- Estate Agents
- Gambling Institutions
Please be aware: A directive is not merely a suggestion. It is a rule established by a supervisory body or the FIC, carrying the same weight and enforceability as the FIC Act and its Regulations. Non-compliance is a serious breach.
Immediate Action Required
Submit your RCR without delay using this link.
Read the FIC Notice here.
Let’s ensure compliance and uphold the standards set by the FIC. Your immediate attention to this matter is imperative.
