Webinar invitation: FICA Essentials
30 Oct 2023
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:
- All High Value Goods Dealers who sell a single item for R100,000 or more
- Trust and Company Service Providers
- Credit Providers who are subject to the National Credit Act (NCA) and a person who carries on the business of providing credit in terms of any credit agreement outside of the NCA
- Crypto Asset Service Providers
- South African Mint Company regarding the distribution of non-circulation coins in retail trade
- Money or “Value” Transfer Providers
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:
- New Accountable Institutions that need to comply with FICA
- Steps required to be FULLY FICA compliant
- Consequences of FICA non-compliance
- Latest FICA changes and new directives you should be aware of
Registration link – https://us02web.zoom.us/webinar/register/4016986542050/WN_2h1MnoXzQhmWSkfjYpExjg
- The Wars between the Laws: POPIA v FICA
- Significant developments in reporting beneficial ownership
- Risk and compliance reporting: Legal practitioners not above the law
- Financial Intelligence Centre Act: Increase in the number of sectors as accountable institutions