From CompliNEWS | Financial Service Intelligence Watch
Directive on FICA compliance for financial sector conduct
The Financial Sector Conduct Authority (FSCA) has issued a new directive, FSCA Communication 20 of 2024, under the Financial Intelligence Centre Act 38 of 2001 (FIC Act), requiring accountable institutions to provide specific compliance information. This directive, available on the FSCA’s website, outlines the expectations for completing the Directive to Provide Information for 2024 (DPI 2024).
The DPI 2024 is a comprehensive questionnaire aimed at ensuring that all accountable institutions comply with the FIC Act. It applies to various financial service providers, including those dealing with crypto assets and collective investment scheme managers. Institutions that failed to comply with previous directives must now complete the DPI 2024 online between 27 May 2024 and 31 July 2024. The FAQ document provided by the FSCA offers practical guidance on how to complete the DPI 2024 effectively.
Accountable institutions are urged to read the FAQ document carefully and ensure they use their existing login credentials to access the DPI 2024 on the FSCA’s e-portals. The FSCA emphasises the importance of honesty and accuracy in responses, as non-compliance may result in administrative penalties. For further assistance, institutions can contact the FSCA’s designated support personnel.