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FIC: Accountable institutions must register under correct item numbers
- 15 August 2025
- Money Laundering
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) reminds all accountable institutions of their obligations to duly register in terms of section 43B of the Financial Intelligence Centre Act (FICA).
Article:
All accountable institutions are required to register with the FIC electronically via the web portal of the FIC registration and reporting platform, goAML.
Persons or entities that are accountable institutions must ensure that they are registered with the FIC under the correct item number as per Schedule 1 to the FICA, as set out in the Annexure to this notice.
Accountable institutions must note that should their business activities fall under more than one item designation in terms of Schedule 1 to FICA, such accountable institutions will need to register each business with the FIC separately under each applicable item, based on their business activity.
Where a person or entity does not fall within any Item in terms of Schedule 1 to FICA and is therefore not an accountable institution, then that person/entity may register as a “Business Entity with a Reporting Obligation in terms of section 29 of the FICA”, to enable that person or entity to electronically submit a suspicious transactions or activity report with the FIC.
The FIC has noticed that certain institutions may be incorrectly registered as a “BE - Business Entity with a Reporting Obligation in terms of section 29 of the FICA”.
If your current registration Item is not captured correctly, please proceed to amend your registration Item through the goAML platform - following the steps set out in the notice.
Failure to register with the FIC constitutes non-compliance in terms of section 61A of FICA.
The FIC has already started to verify the remaining entities registered as a “BE - Business Entity with a Reporting Obligation in terms of section 29 of the FICA” as from 31 May 2025.
Where registrations are clearly incorrect in terms of Schedule 1 to FICA, the FIC may proceed with sanctioning the persons/entities.
Click here to download the 6-page notice:
Relevance to Auditors, Independent Reviewers & Accountants:
- FICA is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FIC.
- As an accountable institution, a business owner and individual, you need to be correctly registered with FIC.
Relevance to Your clients:
- An accountable institution, as well as an entity (company or close corporation), has a duty to comply with the FICA, otherwise they could be held liable.
- As an accountable institution, a business owner and individual, you need to be correctly registered with FIC.