From CompliNEWS | Financial Service Intelligence Watch

Comprehensive directory of Financial Intelligence Centre’s (FIC) 2023 communications and guidance – FIC

The Financial Intelligence Centre (FIC) significantly enhanced its communication with accountable institutions in response to the amendments to Schedule 1 to the Financial Intelligence Centre Act (FICA). This directory provides a consolidated overview of Public Compliance Communications (PCCs), directives, guidance notes, and sector risk assessment reports issued by the FIC throughout the year 2023. It includes brief descriptions of each document, direct links to access them, and, when available, related communications. Additionally, it offers insights into a webinar hosted by the FIC in December 2023, providing an overview of the guidance issued during the year and specific timestamps for relevant PCCs, directives, or guidance discussed, streamlining access to essential information.

Sections in the Directory

  • Sector-specific PCCs – Highlights PCCs issued for crypto asset service providers, trust and company service providers, legal practitioners, and property practitioners (from November 2022).
  • Beneficial ownership – Refers to Draft PCC 121, with a submission deadline for stakeholders until 16 February.
  • Directives 6 and 7 – Emphasises the requirement for certain accountable institutions to submit risk and compliance returns, urging compliance even after deadlines have passed.
  • Electronic funds transfer directive – Addresses Guidance Note 8, explaining compliance with the South African Reserve Bank’s Directive 1 of 2022 regarding EFT processing.
  • Employee screening – Covers Directive 8 and PCC 55, outlining the screening requirements for prospective and current employees.
  • Financial sanctions – Discusses Draft PCC 44A, elucidating how accountable institutions should scrutinise client information against targeted financial sanctions lists and freeze assets of designated persons and entities.
  • International Funds Transfer Reports – Explains Guidance Note 9, detailing how accountable institutions must report international funds transfer transactions above prescribed thresholds to the FIC.
  • Registration – Addresses PCC 5D, elucidating the registration process for accountable institutions and businesses with reporting obligations with the Centre.
  • Sector risk assessments – Highlights three draft sector risk assessment reports issued in 2023 for company service providers, dealers in precious metals and stones, and accountants.
  • Webinars – Summarises webinars hosted by the FIC to assist accountable institutions in understanding compliance obligations and FICA compliance in general.

Directory (Excel spreadsheet)