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Compliance and Reporting Obligations for Accountable Institutions: Overview and Registration Process

This document outlines the compliance requirements under the Financial Intelligence Centre Amendment Act, 2008. It provides crucial information on which Accountable Institutions (AIs) and Reporting Institutions (RIs) are mandated to register with the Financial Intelligence Centre. It details the registration and validation processes, proposed actions for 2010/2011, and outlines contact methods for feedback and inquiries. AIs and RIs, including individuals, companies, partnerships, and legal entities, must register to align with regulatory obligations to prevent financial crime.

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Compliance and Reporting Obligations for Accountable Institutions: Overview and Registration Process

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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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