Directive 7 of the FIC applies to accountable institutions listed in items 11, 14, 20, 21, and 22 of Schedule 1 of the FIC Act. The submission deadline for all entities registered with the FIC is 31 July 2023, 17:00 pm.
Accountable institutions registered under the items above should submit the return online. You can access the return here.
The reporting period for this risk and compliance return is from 1 January 2023 to 30 June 2023, both dates inclusive.
Need more information? Read CIBA’s AML Guide available on your CIBA profile (paid-up members only). You can also visit the SAIBA website where you can find guidance on registration and the risk-based approach under the Practice Support Library/Financial Intelligence Centre (FIC).
Uncertain whether you need to register?
Members of CIBA or their firms are required to register with FIC in terms of section 43B of the FIC Act if they or their organizations fall within the definition of any of the items listed in Schedule 1. The deadline for registration is 90 days from the date the business commenced or before 1 April 2023. Practices providing services that fall under any of the items in Schedule 1 should register as soon as possible.
The FIC requested that practitioners who are uncertain about the registration requirements should log a query on the FIC helpline. Make sure that you clearly indicate the types of services performed which may fall under Schedule 1.
Log a query for FIC here.
Read the requirements of Directive 7 here.
Study the Amendments to Schedule 1 of the FIC here.
