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Accountable and Reporting Institutions Register Presented by

Accountable and Reporting Institutions Register Presented by Compliance and Prevention Department October 2010. Agenda. Background Who must Register Registration & Validation Processes Proposed action for 2010/2011 Questions. Background.

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Accountable and Reporting Institutions Register Presented by

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  1. Accountable and Reporting Institutions Register Presented by Compliance and Prevention Department October 2010

  2. Agenda • Background • Who must Register • Registration & Validation Processes • Proposed action for 2010/2011 • Questions

  3. Background • The Financial Intelligence Centre Amendment Act, 2008 - signed on 27 August 2008 • Effective on a date to be determined by the Minister of Finance • Section 14 of the FIC Amendment Act inserts section 43A and section 43B into the FIC Act • Section 43B requires all AIs and RIs to register with the Centre • Registration must take place in the manner prescribed by the Centre (prescribed by Regulations)

  4. Who Must Register • An AI or an RI – by virtue of the business it conducts – referred to in Schedule 1 and Schedule 3 of the FIC Act respectively, must register with the Centre. • An AI or RI can be: • An individual • A company • A partnership • Any other legal entity or • A division of a legal entity

  5. Registration & Validation Processes • Registration • AI/RI information • Section 43 information • Validator information • Validator verify AI/RI • Section 43 activate • Add MLRO • Edit information • Validation

  6. Proposed Action for 2010/2011 • Voluntary Registration will commence in last quarter of 2010 • Commencement date is envisaged to be 1 December 2010

  7. Feedback and Enquiries • Feedback on the new forms including any difficulties or problems encountered: servicedesk@fic.gov.za. • Enquiries by e-mail: fic_feedback@fic.gov.za • Telephonic enquiries: +27 860 FIC FIC (342 342)

  8. Questions

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