On 29 November 2022 the Government Gazette published changes to Schedules 1,2 and 3 of the Financial Intelligence Centre Act (FIC Act). The amendments significantly increased the number of people and firms identified as Accountable Institutions which are now subject to the full suite of FICA obligations.
The new Accountable Institutions in Schedule 1 include:
The New Accountable Institutions were given an 18-month transition period, where the FIC stated that they do not envisage issuing financial penalties for non-compliance during this initial transitional period.
With only 6 months left in the 18-month transitional period, time is ticking for new Accountable Institutions to become FICA compliant.
Join DocFox, FICA compliance experts, for a 1-hour free webinar on 8th of November at 10:00 to learn more about the New Accountable Institutions.
Topics to be discussed:
Registration link – https://us02web.zoom.us/webinar/register/4016986542050/WN_2h1MnoXzQhmWSkfjYpExjg