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FIC Compliance Returns

FIC Compliance Returns - DNFBPs

FIC Compliance

If you are a designated non-financial service business or professional (DNFPB) and an accountable institution in terms of Schedule 1 of the Financial Intelligence Centre Act, you are required to have already completed a Risk and Compliance Report (RCR) for submission to the Financial Intelligence Centre (FIC).

The Compliance Return is a comprehensive report that provides the FIC with information about the institution’s financial transactions and activities. 

Here are some key elements typically included in the Compliance Return:

Customer Information: Details of the institution’s customers, including their names, identification numbers, contact information, and information about their business or occupation.

Account Information: Information about the types of accounts held by customers, such as savings accounts, current accounts, or investment accounts.

Transaction Information: Details of financial transactions conducted by customers, including deposits, withdrawals, transfers, and payments. This may include the amount, currency, date, and purpose of the transactions.

Suspicious Transaction Reports: Any suspicious transactions that the institution has identified and reported to the Financial Intelligence Centre. This includes transactions that may be indicative of money laundering, terrorism financing, or other illicit activities.

Risk Assessments: Assessments conducted by the institution to evaluate the level of risk associated with certain customers or transactions. This helps identify high-risk individuals or entities that may require further investigation.

Compliance Measures: Information about the institution’s internal controls, policies, and procedures for detecting and preventing financial crimes. This includes details of training programs, due diligence processes, and compliance monitoring activities.

It’s important to note that the specific information required in the Compliance Return may vary depending on the nature of the institution and the applicable regulations.

By submitting the Compliance Return, accountable institutions help the FIC in analyzing and monitoring financial transactions to detect illegal activities. The information provided in the return assists the FIC in identifying patterns, trends, and potential risks associated with money laundering and terrorism financing. This helps in strengthening the overall financial intelligence regime in South Africa and preventing illicit activities in the financial sector.

If you are finding the completion of the RCR a dauting task or require assistance with implementing a financial crime framework that suites your business needs, contact us to find out how we can help you.

Email us on info@navcompliance.co.za 

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