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Reminder: TCSPs (including Accountants) must submit their Risk Compliance Return to FIC by 31 May 2023
- 11 May 2023
- Accounting
- South African Accounting Academy
Directive 6 applies to the designated non-financial businesses and professions (DNFBPs) listed in items 1, 2, 3 and 9 of Schedule 1 to FICA. This means:
- Legal practitioners (item 1);
- Company and trust service providers (item 2);
- Estate agents (item 3); and
- Gaming providers (item 9).
Accountants, who are regarded as accountable institutions as defined by the new Trust Property Control Act, are specifically included in item 2 of Schedule 1.
The above DNFBPs were accountable institutions before the amendments to Schedule 1 that came into force on 19 December 2022. However, the definitions of these items were amended, and in some cases, they may apply to a wider scope of individuals and entities than they did previously.
The risk and compliance return for these accountable institutions covers the period 1 April 2022 to 31 March 2023 (both dates inclusive).
The return must be submitted to the FIC no later than 5pm on Wednesday, 31 May 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 6:
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.