Tag: customer identification
New accountable institutions urged to continue registering with the FIC
New designated items listed as accountable institutions in Schedule 1 of the Financial Intelligence Centre Act (FICA) are urged to continue registering with the Financial Intelligence Centre (FIC) even after the deadline of close of business on Monday, 20 March 2023, to avoid being in non-compliance with the registration requirements.
Make KYC verification a vital part of your AML processes
Non-compliance with anti-money laundering (AML) regulations can result in heavy financial penalties and could expose your clients and business to potential harm, with Financial Intelligence Centre Act (FICA) fines of up to R10 million in your personal capacity and up to R50 million as a company.
