Financial intelligence centre act
Rebosa reported recently that many agents are concerned about the implementation dates and deadlines for new guidelines for the Financial Intelligence Centre Act (FICA). For now, it’s business as usual as no final FICA implementation date has been set. Agents are required to register with the Financial Intelligence Centre and receive an ORG ID on the goAML reporting platform. Failure to register at fic.gov.za is an offence and subject to a fine not exceeding R10m or imprisonment of up to five years.
Attorneys Cliffe Dekker Hofmeyr have created a pro forma Risk Management and Compliance Programme template to help estate agencies meet FICA requirements. These templates, as well as step-by step guides from the FIC, can be downloaded at rebosa.co.za.
The EAAB or the FIC have yet to set a date for the implementation of the new guidelines and agents are under no obligation to do anything yet. However, Rebosa recommends that it would be a smart move to study the documents and get systems in place.