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New accountable institutions in terms of the Financial Intelligence Centre Act (FICA)

The effect of these amendments will significantly increase the number of organisations who are required to comply with FICA.

FICA compliance requires onerous client identification and verification onboarding requirements, transaction monitoring, mandatory regulatory reporting to the Financial Intelligence Centre (FIC) and much more.

A notice amending Schedules 1, 2, and 3 of the FICA has been published by National Treasury. Consequently, starting on December 19, 2022, particular categories of attorneys and advocates will be held accountable to the Financial Intelligence Centre.

Download our article to see the full list of accountable institutions.

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