RISK MANAGEMENT AND COMPLIANCE PROGRAMME – ANTI-MONEY LAUNDERING / COUNTER TERRORIST FINANCING
We annex hereto your Risk Management and Compliance Programme (“RMCP”) as required in terms of section 42 of the Financial Intelligence Centre Act 38 of 2001 (the “FIC Act”).
We urge you to properly read and understand the contents and obligations imposed upon you in terms of this policy. The implementation of this policy is only one of the requirements of an accountable institution such as yourself. Non-compliance of the provisions of the FIC Act have serious consequences, including but not limited to a financial penalty of up to R 50 million or for more serious offences, imprisonment for a period of up to 15 years or a fine of up to R 100 million.
Take note that despite our drafting of this policy, you remain ultimately responsible to exercise your own skill and care in relation to the implementation and utilisation of this policy.
Although this policy covers the essentials as required in terms of the FIC Act for a Risk Management and Compliance Programme, a FIC compliance review or audit may illicit further requirements or amendments specifically relating to your business and / or institution.
- You must register your institution on the Financial Intelligence Centre platform
- The compliance officer must register separately with his / her own registration details (i.e. username and password) and must be the first person of the institution to register.
- The login details may not be shared between users.
Directives 6 and 7 require certain accountable institutions to submit information regarding their understanding of money laundering, terrorist financing and proliferation financing (ML, TF and PF) risks through a risk and compliance return (RCR). Failure to submit an RCR can lead to administrative sanction/s.
Complete the questionnaire applicable to your type of institution (either as per Directive 6 or 7). The RCR questionnaire must only be submitted via the online form, the FIC does not accept manual submissions.
The deadline to submit the questionnaire in terms of Directive 6 was 31 May 2023, and for Directive 7, 31 July 2023. However, by still completing and submitting the questionnaire as soon as possible, even if it’s late, it can demonstrate your willingness to comply and may mitigate potential penalties for missing the deadlines.
Should you need any help with this, or have any queries, please do not hesitate to contact us.