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Reminder: New Accountable Institutions (including Credit Providers, High-value goods dealers and Crypto asset service providers) must submit their Risk Compliance Return to FIC by 31 July 2023
- 11 May 2023
- Accounting
- South African Accounting Academy
Directive 7 applies to some of the persons and entities that became accountable institutions in terms of the amendments to Schedule 1, specifically items 11, 14, 20, 21 and 22.
This means:
- Credit providers (item 11);
- Postbank (item 14);
- High-value goods dealers (item 20);
- South African Mint Company (item 21); and
- Crypto asset service providers (item 22).
The risk and compliance return for these accountable institutions covers only 6 months, from 1 January to 1 June 2023 (both dates inclusive).
The return must be submitted to the FIC no later than 5pm on Monday, 31 July 2023.
Non-submission of the returns may result in administrative sanctions.
Click here to access our previous technical alert on Directives 6 and 7 posted early in April 2023.
Click here to download the FIC Directive 7:
Click here to access, complete and submit the Risk Compliance Return:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Financial Intelligence Centre Act (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.
- As an auditor and independent reviewer, you need to consider amendments, regulations and directives that are gazetted relating to FIC and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.
Relevance to Your clients:
- Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable.
- Relevant entities should be aware of amendments, regulations and directives that are gazetted relating to FIC and accountable institutions, to ensure that they comply with their reporting obligations.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.