Important FIC Notice: Legal Practitioners entities to urgently complete and submit outstanding Risk and Compliance Returns
07 Feb 2024
The Financial Intelligence Centre (FIC) has appealed to Legal Practitioners to urgently file outstanding Risk and Compliance Returns (RCR).
Currently, any Legal Practitioner that has not submitted their RCR is considered by the FIC to be a high-risk entity in need of inspection. In addition, you may expect to receive an administrative sanction notice from the FIC.
Directive 6 requires Legal Practitioners to submit information on their understanding of money laundering, terrorism financing and proliferation financing risks, as well as an assessment of their compliance with their FICA obligations. Read more here.
While the date for filing of submissions has passed, the platform remains open and can be accessed on the RCR questionnaire.
The RCR is just one of the several requirements Legal Practitioners are required to fulfill. Not sure where to start to become FICA compliant? Reach out to DocFox team to see how you can easily become (and remain) FICA compliant within days.
See also:
- Guidance on the implementation of Targeted Financial Sanctions in South Africa
- A rallying call against financial malfeasance
- Ultimate beneficial ownership registration requirements
- Risk and compliance reporting: Legal practitioners not above the law
